Seven requirements must be met for an interest to qualify for the federal estate tax marital deduction:
1.The decedent must be legally married at the time of his or her death;
2.The person to whom the decedent is legally married at the time of his or her death must survive the decedent;
3.The surviving spouse must be a U.S. citizen (or the property must be held in a Qualified Domestic Trust.
4.The interest passing to the surviving spouse must be includable in the decedentýs gross estate in the United States;
5.The interest must pass to the surviving spouse;
6.The interest received by the surviving spouse must be a deductible interest; and
7.The value of the interest passing to the surviving spouse must be at its net value.
An interest is nondeductible to the extent that it is not includable in the decedentýs gross estate. A marital deduction will not be allowed for property that is otherwise deductible as an expense, claim or loss. No double deduction is permitted. Thus, an interest cannot qualify for the marital deduction if it otherwise is deducted under either IRC Section 2053 or Section 2054. IRC Section 2056(b)(9). For example, no marital deduction is allowed for property that passes to the surviving spouse that is used by the estate to pay the decedentýs funeral expenses.
Section 2056(c) of the IRC defines passing to include interests acquired by the surviving spouse by will, intestate succession, dower, curtesy, statutory share, right of survivorship, the exercise or default of exercise of a power of appointment, or pursuant to a life insurance beneficiary designation. The passing requirement also can be satisfied by designating the surviving spouse as the beneficiary of employee death benefits or any other annuity includable in the decedentýs gross estate under IRC Section 2039. (Treas. Reg. §20.2056(c)-1, 2, 3).
The Hillsborough Florida Marital Deduction Trust with Lifetime Income and Power of Appointment in Beneficiary Spouse and Residuary Trust is a legal arrangement that allows individuals in Hillsborough County, Florida to plan for the distribution of their assets and provide financial security for their spouse after their passing. This type of trust incorporates both the marital deduction and lifetime income provisions, ensuring that the surviving spouse receives income for the remainder of their life, while also allowing them the power to appoint beneficiaries to the trust's remaining assets upon their own death. The Hillsborough Florida Marital Deduction Trust with Lifetime Income and Power of Appointment in Beneficiary Spouse and Residuary Trust offers several variations to cater to the specific needs and preferences of individuals. Some different types include: 1. Irrevocable Marital Deduction Trust: This form of trust cannot be changed or revoked once it is established. It provides the surviving spouse with a guaranteed lifetime income and the power to distribute the remaining assets according to their wishes. 2. Revocable Marital Deduction Trust: Unlike the irrevocable trust, this type of trust can be modified or terminated during the lifetime of the granter. However, upon the granter's death, the trust becomes irrevocable, providing the surviving spouse with lifetime income and appointment powers. 3. Charitable Marital Deduction Trust: This variant allows individuals to donate a portion of their assets to a charitable organization while still providing for their surviving spouse. The surviving spouse benefits from income and appointment powers, but a portion of the assets go towards a charitable cause. 4. Qualified Terminable Interest Property (TIP) Trust: This trust grants the surviving spouse with income, ensuring financial stability during their lifetime. However, they may not have appointment powers, and the assets remaining in the trust upon their death will pass to pre-determined beneficiaries. The Hillsborough Florida Marital Deduction Trust with Lifetime Income and Power of Appointment in Beneficiary Spouse and Residuary Trust is a comprehensive estate planning mechanism that combines the benefits of the marital deduction, lifetime income, and power of appointment. It offers individuals in Hillsborough County the opportunity to provide for their loved ones while maintaining control over the distribution of their assets, ensuring their wishes are respected even after their passing.The Hillsborough Florida Marital Deduction Trust with Lifetime Income and Power of Appointment in Beneficiary Spouse and Residuary Trust is a legal arrangement that allows individuals in Hillsborough County, Florida to plan for the distribution of their assets and provide financial security for their spouse after their passing. This type of trust incorporates both the marital deduction and lifetime income provisions, ensuring that the surviving spouse receives income for the remainder of their life, while also allowing them the power to appoint beneficiaries to the trust's remaining assets upon their own death. The Hillsborough Florida Marital Deduction Trust with Lifetime Income and Power of Appointment in Beneficiary Spouse and Residuary Trust offers several variations to cater to the specific needs and preferences of individuals. Some different types include: 1. Irrevocable Marital Deduction Trust: This form of trust cannot be changed or revoked once it is established. It provides the surviving spouse with a guaranteed lifetime income and the power to distribute the remaining assets according to their wishes. 2. Revocable Marital Deduction Trust: Unlike the irrevocable trust, this type of trust can be modified or terminated during the lifetime of the granter. However, upon the granter's death, the trust becomes irrevocable, providing the surviving spouse with lifetime income and appointment powers. 3. Charitable Marital Deduction Trust: This variant allows individuals to donate a portion of their assets to a charitable organization while still providing for their surviving spouse. The surviving spouse benefits from income and appointment powers, but a portion of the assets go towards a charitable cause. 4. Qualified Terminable Interest Property (TIP) Trust: This trust grants the surviving spouse with income, ensuring financial stability during their lifetime. However, they may not have appointment powers, and the assets remaining in the trust upon their death will pass to pre-determined beneficiaries. The Hillsborough Florida Marital Deduction Trust with Lifetime Income and Power of Appointment in Beneficiary Spouse and Residuary Trust is a comprehensive estate planning mechanism that combines the benefits of the marital deduction, lifetime income, and power of appointment. It offers individuals in Hillsborough County the opportunity to provide for their loved ones while maintaining control over the distribution of their assets, ensuring their wishes are respected even after their passing.
Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés. For your convenience, the complete English version of this form is attached below the Spanish version.
