Marital Trust Formula
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How to fill out Marital Deduction Trust With Lifetime Income And Power Of Appointment In Beneficiary Spouse And Residuary Trust?
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FAQ
The marital deduction is determinable from the overall gross estate. The total value of the assets passed on to the spouse is subtracted from that amount, giving us the marital deduction. This interspousal transfer can occur during the couple's lifetime or after one spouse's death, ing to a will.
An example of when a marital trust might be used is when a couple has children from a previous marriage and wants to pass all property to the surviving spouse upon death, but also provide for their individual children.
For example, a fractional formula would direct the trustee to allocate a portion of each asset to the marital trust ($2,400,00/$3,000,000 = 80%) and credit shelter trust ($600,000/$3,000,000 = 20%) in the proportion that each trust bears to the total value.
The fractional share formula is expressed as a fraction equal to the value of the assets being transferred to the Marital Trust, where the numerator is equal to the amount of the marital deduction sought, and the denominator is the value of the total assets available for funding.
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.