Virgin Islands Complex Will - Maximum Unified Credit to Spouse
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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.
The Unified Transfer Tax System This unified exclusion amount exempts the first $12,920,000 of cumulative transfers through gifts and upon a taxpayer's death. Within a marriage, each spouse has a unified exclusion amount of $12,920,000.
The unlimited marital deduction is a provision in the U.S. Federal Estate and Gift Tax Law that allows an individual to transfer an unrestricted amount of assets to their spouse at any time, including at the death of the transferor, free from tax.
What is the unlimited marital deduction? The unlimited marital deduction is a provision in the United States Internal Revenue Code that allows an individual to transfer, free from estate and gift tax, an unrestricted amount of assets to their spouse during life or at death.
With the unlimited marital deduction, the amount of property that can be transferred between spouses is unlimited, meaning that a spouse can transfer all of their property to the other spouse during their lifetime or at death without incurring any federal estate or gift tax liabilities on this first transfer.
For married couples, the limit is $18,000 each, for a total of $36,000. If you gift more than this sum, you must file a federal gift tax return in 2025. The lifetime gift limit rises to $13.61 million in 2024.
A U.S. citizen or resident alien (other than a bona fide resident of the U.S. Virgin Islands (USVI)) with income from sources in the USVI or income effectively connected with the conduct of a trade or business in the USVI uses this form to figure the amount of U.S. tax allocable to the USVI.
Even with the increased lifetime exemption amount for 2023, over $2 million would be subject to estate taxes. Those assets could be gifted to you tax-free using the unlimited marital deduction; however, the value of your taxable estate would also be increased by the value of the assets gifted to you.