What is the marital deduction?
An example of an AI chatbot conversation about the marital deduction in estate planning.
What is the marital deduction?
The marital deduction allows a spouse to transfer assets to the other spouse without incurring federal estate or gift taxes.
How does it work in estate planning?
In estate planning, the marital deduction can help reduce the taxable estate of the deceased spouse, benefiting the surviving spouse.
Are there any limits to the marital deduction?
No, there are no limits on the amount that can be transferred between spouses, as long as both are U.S. citizens.
What if one spouse is not a U.S. citizen?
If one spouse is not a U.S. citizen, the marital deduction is limited to $164,000 per year for gifts.
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