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.
Long Beach California Will with Marital Deduction and Bypass Trust
Category:
State:
Multi-State
City:
Long Beach
Control #:
US-0971BG
Format:
Word;
Rich Text
Instant download
Description
Free preview
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FAQ
The median home price in Long Beach is $875,000 with a median price per sqft of $664. The cost of living index for housing estimates the cost of housing in Long Beach to be 235.2% of the national average. This makes it one of the most expensive cities in the US.
Overall, Long Beach is an ideal location for those who enjoy living near the ocean and mild weather. The city's beaches and oceanfront offer a range of activities, while the mild climate makes it an ideal location for outdoor activities throughout the year.
Long Beach is so close to every terrain and climate that in one day, you could surf in the morning, snow ski in the afternoon, and come home and see a movie at night. Every famous Southern California landmark, attraction, and destination is easily within a two-hour drive from the city.
Long Beach: An underrated destination While part of Los Angeles County, Long Beach has a much more laid-back vibe than LA, yet there is still plenty to do and explore here. There has been a lot of revitalization and new developments going on, making Long Beach an even more attractive destination to visit.
Voted one of America's ?Most Walkable Cities,? Long Beach is comprised of eight distinct neighborhoods and tucked in along the waterfront centrally located to Los Angeles and Orange County. Experience the big-city feel with small-town charm in a unique oceanfront setting ? Welcome to Long Beach.
Long Beach is located in one of the wealthiest counties, in one of the wealthiest nations in the world, yet 22.8% of our residents live at or below the U.S. Federal Poverty Guidelines. That's consistent with the 23.2% of Californians living in poverty, but significantly higher than the national rate of 15.1%.
Long Beach boasts five miles of the finest, cleanest sand and safest bathing in the northeast. There is a fee from Memorial Day to Labor Day (see price schedule in Beach Park section). There are also town and county beach parks in Lido Beach and Point Lookout. Admission is free, but there is a per-car parking charge.
