A marital deduction is an estate tax deduction that allows one spouse to transfer upon death an unlimited amount of property to his/her spouse without creating liability for estate or gift tax. The disadvantage is that, although you can transfer any amount that you want to your spouse, if your spouse survives you (and does not remarry), there will be no marital deduction available to lessen the estate tax liability at his or her later death.
The marital deduction may only be taken for transfers of property between spouses. Whether a couple is married or not is determined under state law. For transfers at death, the marital deduction applies only to property included in the gross estate for federal estate tax purposes.
A bypass trust allows a married couple, in certain cases, to shelter more of their estate from estate taxes. The first spouse to die can leave assets in a trust which can provide income to the surviving spouse for the rest of his or her life, taking advantage of the unified credit provided under Federal Gift and Estate Tax law. Upon the death of the second spouse, the assets in the trust pass directly to the children or other beneficiaries, without being taxed at the second spouse's death.
This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
North Las Vegas Nevada Will with Marital Deduction and Bypass Trust
Category:
State:
Multi-State
City:
North Las Vegas
Control #:
US-0971BG
Format:
Word;
Rich Text
Instant download
Description
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FAQ
What are the median and average incomes in North Las Vegas? Y-o-Y Change Average Household Income $78,202 6.5% Median Household Income $64,738 6.2% People below Poverty Level 32,413 6.5% People above Poverty Level 220,455 4.6%
The 5 largest ethnic groups in Las Vegas, NV are White (Non-Hispanic) (42.1%), White (Hispanic) (13.4%), Other (Hispanic) (12.6%), Black or African American (Non-Hispanic) (11.1%), and Two+ (Hispanic) (6.62%).
Cost of Living in North Las Vegas, NV However, North Las Vegas is a bit more expensive than the national average. ing to bestplaces.net, the cost-of-living index in North Las Vegas is 109.9 (national average is 100).
The 5 largest ethnic groups in North Las Vegas, NV are White (Non-Hispanic) (24%), Black or African American (Non-Hispanic) (21.3%), White (Hispanic) (18.9%), Other (Hispanic) (13.1%), and Two+ (Hispanic) (8.65%).
Las Vegas Demographics White: 52.01% Two or more races: 13.91% Other race: 13.52% Black or African American: 11.76%
North Las Vegas isn't just the northern part of Las Vegas; it's its own city. In fact, with a population of more than 250,000 residents, it's the fourth largest city in the state of Nevada.
Since its 2003 opening in the heart of North Las Vegas, Cannery Hotel has become the preferred choice for local and regional residents seeking gaming fun, comfortable accommodations, superb dining, and exhilarating entertainment.
North Las Vegas Demographics White: 38.09% Black or African American: 22.05% North Las Vegas, Nevada Population 2024 worldpopulationreview.com ? us-cities ? north-las... worldpopulationreview.com ? us-cities ? north-las...
Option for those looking for a good quality of life. And a lower cost of living North Las Vegas isMoreOption for those looking for a good quality of life. And a lower cost of living North Las Vegas is one of the most affordable places to live in the entire Las Vegas area. Making it a very attractive.