marital trust
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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
marital trust — A trust created to allow one spouse to transfer, during life or upon death, an unlimited amount of property to his/her spouse without incurring gift or estate tax. Bloomberg Financial Dictionary … Financial and business terms
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
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
marital deduction — see deduction Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. marital deduction … Law dictionary
marital deduction trust — see trust Merriam Webster’s Dictionary of Law. Merriam Webster. 1996 … Law 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 life estate — A marital life estate is, in the common law tradition of the U.S. and Great Britain, a life estate held by the spouse (husband or wife) or widowed spouse, for the duration of that spouse s life. Contents 1 Creation 2 Tax avoidance 3 See also … Wikipedia
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
