Florida Marital-deduction Residuary Trust with a Single Trustor and Lifetime Income and Power of Appointment in Beneficiary Spouse
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How to fill out Marital-deduction Residuary Trust With A Single Trustor And Lifetime Income And Power Of Appointment In Beneficiary Spouse?
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FAQ
RESIDUARY TRUST. Unlike the Marital Trust, the Residuary Trust can provide for substantial flexibility and give broader discretion to the Trustee. This trust may be structured as a single trust for the benefit of all your descendants or separate trusts for each of your children (and such child's descendants).
For example, if an individual were to convey by will an entire estate to a surviving spouse, the decedent's estate would have no estate tax liability. The marital deduction is effectively a deferral of the estate tax to the date of the surviving spouse's death.
A marital deduction is allowed in computing the taxable gifts of a married donor for property that passes to the donor's spouse ( Code Sec. 2523). As a result, an unlimited amount of property, other than certain terminable interests, can be transferred between spouses.
A marital deduction is allowed in computing the taxable gifts of a married donor for property that passes to the donor's spouse ( Code Sec. 2523). As a result, an unlimited amount of property, other than certain terminable interests, can be transferred between spouses.
Terminable interests do not qualify for the marital deduction (Sec. 2056(b)(1)). An example of a terminable interest is where the decedent leaves property to a surviving spouse for the spouse's lifetime, with a remainder interest to the decedent's children.
If you're married, your spouse is entitled to give another $12.92 million (tax year 2023) in lifetime gifts without incurring a gift tax. You can give up to $17,000 (tax year 2023) per person per year to as many people as you like without those gifts counting against your $12.92 million lifetime gift tax exemption.
Property interests passing to a surviving spouse that are not included in the decedent's gross estate do not qualify for the marital deduction. Expenses, indebtedness, taxes, and losses chargeable against property passing to the surviving spouse will reduce the marital deduction.