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.
Portland Oregon Will with Marital Deduction and Bypass Trust
Category:
State:
Multi-State
City:
Portland
Control #:
US-0971BG
Format:
Word;
Rich Text
Instant download
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FAQ
PORTLAND, Ore. (KOIN) ? If you're a single Portland resident making less than $52.90 per hour, you're not living comfortably, ing to a 2024 study published by the financial tech company SmartAsset. That hourly pay equates to $110,032 per year.
Portland, city, seat (1854) of Multnomah county, northwestern Oregon, U.S. The state's largest city, it lies just south of Vancouver, Washington, on the Willamette River near its confluence with the Columbia River, about 100 miles (160 km) by river from the Pacific Ocean.
Portland, Oregon's cost of living is 24% higher than the national average.
Enjoy a High Quality of Life Despite high real estate prices, residents still enjoy an excellent quality of life in Portland. You can take advantage of Portland's tax-free shopping when visiting all your favorite stores, and the city as a whole is committed to green energy and sustainability.
Oregon Portland / State
Portland is perhaps best known for being a sustainability-minded, bike-friendly city with easy access to nature; plentiful coffee, art, craft beer, delicious food and live music; and crafty people who celebrate individuality and creativity (which, yes, some people call ?weird?).
Known for its eclectic and vibrant culture, Portland offers a unique blend of urban attractions and natural beauty. From the iconic Powell's City of Books to the breathtaking International Rose Test Garden, the city is a haven for book lovers and nature enthusiasts.
Portland scored 7.4 on the magazine's 10-point scale for quality of life. The city came in just below San Jose, Calif., which also received a score of 7.4 but ranked No. 4, and above Boston, which scored 7.3 and was No. 6.