Discuss what is needed to obtain a marital deduction, and what happens to the trust after one spouse dies.
What will be an ideal response?
To obtain the marital deduction there are three items needed. The people must be married at the time of the death of the first spouse. The property must be included in the decedent’s gross estate for the marital deduction to apply. The surviving spouse must be or become a U.S. citizen by the time the federal estate tax return is filed, and the noncitizen surviving spouse must be a U.S. resident at all times after the first spouse’s death and before citizen is granted. The marital deductions is unlimited, and after a spouse passes all of the property is transferred to the surviving spouse with no federal estate tax. However, this tax is only deferred until the second spouse dies, with the federal estate tax exemption of $5.43 million per person.
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A. Aptitude test B. Power test C. Nonobjective test D. Achievement test
Which is an advantage of joint tenancy??
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A. Motion for judgment as a matter of law B. Summary judgment C. Motion for a new trial D. Appeal E. None of the above
In regard to presentation of the issue in a court brief, state the:
A. law component persuasively. B. issue component persuasively. C. fact component objectively. D. fact component persuasively. E. a, b, and c. F. a, b, and d.