The federal transfer taxes can be applied on transfers to anyone other than your spouse. As long as you are married to a citizen of the United States, you can use the unlimited marital deduction to transfer unlimited assets tax-free. A person who is married to a citizen of another country cannot use the exclusion because the surviving spouse could return to his or her home country with a tax-free inheritance. The IRS would never be able to collect the death tax.
Topics covered in this report include:
- Marital Transfer Tax Deduction
- Qualified Domestic Trusts
Click here to read the whole article or download the PDF.
Latest posts by Barry D. Horowitz, Estate Planning Attorney (see all)
- When to Update Your Living Will - April 2, 2020
- Planning for the Sandwich Generation - March 31, 2020
- Whom Do You Want to Get Your Assets? - March 26, 2020
