New York Gift of Stock to Spouse for Life with Remainder to Children
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How to fill out Gift Of Stock To Spouse For Life With Remainder To Children?
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FAQ
New York is not a community property state. This means that a spouse won't automatically receive most or all of the decedent's property following his or her death, according to New York inheritance laws.
A surviving spouse in a common law state has protection from complete disinheritance, however. Every common law state has different guidelines, but most common law states' inheritance law allows the surviving spouse to claim one-third of the deceased spouse's property.
Simply put, if you have a legally binding will when you pass away then the dictates of that document will determine what happens to your assets- so if you have listed your spouse as sole beneficiary, they will receive everything, or exactly how much you have given to them in the will.
A spousal lifetime access trust (SLAT) is an irrevocable trust where one spouse (the donor spouse) gifts assets to the other spouse (the beneficiary spouse) in a trust. The trust authorizes the trustee to make distributions to the beneficiary spouse if a need arises.
For a New York resident without a will, a surviving spouse inherits the entire probate estate if there are no children or other descendants. If there are descendants, the surviving spouse gets the first $50,000 and the balance is divided one-half to the spouse and one-half to the decedent's descendants.
New York law forbids residents from completely disinheriting a surviving spouse. If a person is legally married at the time of their death, their spouse will automatically inherit a percentage of their assetseven if the spouse has been intentionally excluded from the deceased person's will or trust.
As a spouse of a person who died in New York, you have fundamental property rights in their estate. If your spouse died without a will, you have the right to $50,000 or 1/2 of the estate if he had children, or the right to the entire inheritance if he did not.
A SLAT allows the donor spouse to transfer up to the donor spouse's available exemption amount without a gift tax. When the donor spouse dies, the value of the assets in the SLAT is excluded from the donor spouse's gross estate and are not subjected to the federal estate tax.
SLAT Tax Implications Therefore, the Grantor will pay the income taxes on income earned by the trust, thereby making an additional tax-free gift to the trust's remainder beneficiaries (see Revenue Ruling 2004-64).
Note that certain classes of Crummey powerholders will require additional planning, including: Spouses. Spouses, as trust beneficiaries, can hold Crummey powers.
