How does the marital deduction affect estate taxes?
An example of an AI chatbot conversation about marital deduction and estate taxes.
Can you explain how the marital deduction impacts estate taxes?
Sure! The marital deduction allows a spouse to transfer an unlimited amount of assets to the other spouse without incurring estate taxes.
Are there any limits to this deduction?
No, there are no limits on the amount that can be transferred between spouses. However, it only applies if the receiving spouse is a U.S. citizen.
What happens if the surviving spouse is not a U.S. citizen?
In that case, the marital deduction does not apply. The estate may be subject to taxes on the transferred assets.
How can I ensure my estate plan takes this into account?
It's best to consult with an estate planning attorney who can help you navigate the rules and ensure your plan is tax-efficient.
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