- marital deduction trust
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marital deduction trust see trust
Merriam-Webster’s Dictionary of Law. Merriam-Webster. 1996.
marital deduction trust
Look at other dictionaries:
marital deduction — see deduction Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. marital deduction … Law dictionary
Marital deduction — is a type of tax law that allows a person to give assets to his or her spouse with reduced or no tax imposed upon the transfer. Some marital deduction laws even apply to transfers made postmortem. Spouses can transfer property between themselves… … Wikipedia
trust — n 1 a: a fiduciary relationship in which one party holds legal title to another s property for the benefit of a party who holds equitable title to the property b: an entity resulting from the establishment of such a relationship see also… … Law dictionary
Unlimited Marital Deduction — A provision in United States Federal Estate and Gift Tax Law that allows an individual to transfer an unrestricted amount of assets to his or her spouse at any time, including at the death of the transferor, free from tax. The unlimited marital… … Investment dictionary
trust — A legal entity created by a grantor for the benefit of designated beneficiaries under the laws of the state and the valid trust instrument. The trustee holds a fiduciary responsibility to manage the trust s corpus assets and income for the… … Black's law dictionary
Marital Trust — A fiduciary relationship between a trustor and trustee for the benefit of a surviving spouse and the married couple s heirs. Also called an A trust, a marital trust goes into effect when the first spouse dies. Assets are moved into the trust upon … Investment dictionary
Qualifying Domestic Trust - QDOT — A type of trust that allows taxpayers who are not U.S. citizens to claim the marital deduction for estate tax purposes. Spouses without citizenship are not eligible for the marital deduction without a qualifying domestic trust. QDOTs are similar… … Investment dictionary
Q-TIP trust — Refers to qualified terminal interest property trust. A type of marital deduction bequest in which the surviving spouse receives all of the income for life but is not given a general power of appointment. Property qualifies for marital deduction… … Black's law dictionary
United States trust law — Introduction Most law regulating the creation and administration of trusts in the United States is now statutory at the state level. In August 2004, the National Conference of Commissioners on Uniform State Laws created the first attempt to… … Wikipedia
exemption trust — A bypass trust funded with an amount no larger than the personal federal estate tax exemption for the year of death. If the trust grantor leaves property worth more than that amount, it usually goes to the surviving spouse. The trust property… … Law dictionary
