What is Marital Deduction?

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WHAT IS THE ESTATE TAX MARITAL DEDUCTION?
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Taxes on Asset Transfers
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Large asset transfers are subject to taxation
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We have a federal estate tax, and we also have a
federal gift tax
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Unification of Gift and Estate Taxes
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The gift tax is in place to stop people from
giving gifts while they are alive to avoid the
estate tax
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The gift tax and the estate tax are unified
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The unified credit or exclusion is 5.34 million
in 2014
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Are You Exposed?
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The 5.34 million exclusion is a dividing line
of sorts
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If you do not transfer assets exceeding this
amount, you will not be exposed to transfer taxes
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Transfers in excess of 5.34 million are
potentially taxable
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Transfers to Close Relatives
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Asset transfers to close relatives, even your
children, are taxable if they exceed the amount
of the exclusion
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There is however one exception
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Unlimited Marital Deduction
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There is an unlimited marital gift and estate
tax deduction
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You can transfer assets to your spouse free of
transfer taxes, regardless of the amount of the
transfers
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American Citizenship
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The unlimited marital deduction is only
available to spouses who are citizens of the
United States
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If you are married to a citizen of another
country, you may want to use a qualified
domestic trust as an alternative
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Planning Is Still Required
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Utilization of the unlimited marital deduction is
not a comprehensive estate planning solution
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If you leave everything to your spouse, he or she
would still be faced with the looming specter of
the death tax
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Estate Planning for High Net Worth Individuals
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To Learn More About the Estate Tax and If You Are
Exposed, Request a FREE Report Entitled, Keeping
Up with the Ever Changing Estate Tax (A 19.95
Value!) CLICK HERE OR Call 405-843-6100 (Oklahoma
City) or 913-385-9400 (Kansas City) Today
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13913 Quail Pointe Drive, Ste B Oklahoma City, OK
73134 Phone [phone] Nall Avenue,
Suite 160 Overland Park, KS 66211 Phone (913)
385-9400