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.
Detroit Michigan Will with Marital Deduction and Bypass Trust
Category:
State:
Multi-State
City:
Detroit
Control #:
US-0971BG
Format:
Word;
Rich Text
Instant download
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Introduction. On July 24, 1701, Antoine de La Mothe Cadillac, accompanied by approximately one hundred fellow Frenchmen and an additional one hundred Algonquian Indians, established Fort Pontchartrain du Detroit on a site that is today in downtown Detroit.
The Metro Detroit area, home to 4.3 million people, is the second-largest in the Midwest after the Chicago metropolitan area and the 14th-largest in the United States.
Long known as the automobile capital of the world, Detroit is also famous for its distinctive Motown music sound from the 1960s. Detroit is home to a rich mix of people from various ethnic backgrounds, including citizens of Italian, English, German, Polish, Irish, Mexican, Middle Eastern, African, and Greek descent.
Long known as the automobile capital of the world, Detroit is also famous for its distinctive Motown music sound from the 1960s. Detroit is home to a rich mix of people from various ethnic backgrounds, including citizens of Italian, English, German, Polish, Irish, Mexican, Middle Eastern, African, and Greek descent. Detroit History detroitmi.gov ? departments ? detroit-history detroitmi.gov ? departments ? detroit-history
Introduction. On July 24, 1701, Antoine de La Mothe Cadillac, accompanied by approximately one hundred fellow Frenchmen and an additional one hundred Algonquian Indians, established Fort Pontchartrain du Detroit on a site that is today in downtown Detroit.
Rich in Culture Having played a significant role in the country's automobile industry, sports scene, the arts community, and more, Detroit's story is rich and one worth exploring.
Detroit, Michigan's largest city, had seen an exodus of people since the 1950s. Yet the estimates released Thursday show the population of Michigan's largest city rose by just 1,852 people from 631,366 in 2022 to 633,218 last year.
Detroit is home to some of the most unique and fascinating cultural attractions in the country. The Detroit Institute of Arts, for example, boasts an impressive collection of over 65,000 works of art, including masterpieces by Van Gogh, Matisse, and Rivera.
Detroit is best known as the center of the U.S. automotive industry, and the "Big Three" auto manufacturers?General Motors, Ford, and Stellantis North America (Chrysler)?are all headquartered in Metro Detroit. The Detroit Metropolitan Airport is among the most important hub airports in the United States.