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.
Boston Massachusetts Will with Marital Deduction and Bypass Trust
Category:
State:
Multi-State
City:
Boston
Control #:
US-0971BG
Format:
Word;
Rich Text
Instant download
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One of America's most historically rich cities, the story of our nation is evident on nearly every corner in Boston. Officially founded in 1630 by English Puritans who fled to the new land to pursue religious freedom, Boston is considered by many to be the birthplace of the American Revolution.
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Top 10 Boston Foods in 2023 (& Where to Find Them) Boston Baked Beans - Union Oyster House. New England Clam Chowder - Atlantic Fish Co. Boston Cream Pie - Omni Parker House. Giambotta Pizza - Regina Pizza. Italian sub - Monica's Mercato. Frappes - Boston Burger Company. Lobster Roll - Neptune Oyster. Oysters - Row 34.
Significance: Considered the oldest public park in the United States, Boston Common played an important role in the history of conservation, landscape architecture, military and political history, and recreation in Massachusetts.
As we have explored, Boston's unique character is the result of its rich history, vibrant culture, diverse food scene, robust economy, and distinct neighborhoods. Each of these facets contributes to the city's singular identity, making it unlike any other city in the world.
Boston is famous for baseball, and the Red Sox have called Fenway Park home since the day the ballpark opened on April 20, 1912. Tour guides at Fenway Park recount the history of the park, the teams, and larger-than-life personalities that have kept Bostonians enthralled for generations.
Greater Boston was the site of the American Revolution, is home to Harvard and MIT, and was the birthplace of Dunkin Donuts and public figures such as JFK. History runs through this city's veins, although it can't all be found in your textbook.
Massachusetts Bay Colony (1628-1691 CE) was the largest English settlement in New England and the most influential both in the colonization of the region and later developments in what would become the United States of America.
