Guarding marital deductions

Property passing from a decedent to the surviving spouse generally qualifies for the marital deduction under IRC Section 2056. But a terminable interest, such as a life estate in a trust created by someone other than the person receiving it, generally does not qualify. Estate planners should take ca...

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Bibliographic Details
Published inJournal of Accountancy Vol. 200; no. 1; pp. 86 - 87
Main Authors Jung, Do-Jin, Pulliam, Darlene
Format Magazine Article Trade Publication Article
LanguageEnglish
Published New York American Institute of CPA's 01.07.2005
American Institute of Certified Public Accountants
Subjects
Court decisions
Estate planning
Government regulation
Laws, regulations and rules
Marital deduction
Marital deductions
State court decisions
United States > US
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Summary:Property passing from a decedent to the surviving spouse generally qualifies for the marital deduction under IRC Section 2056. But a terminable interest, such as a life estate in a trust created by someone other than the person receiving it, generally does not qualify. Estate planners should take care that qualified terminable interests designed to qualify for the marital deduction carefully duplicate the requirements of IRC Section 2056(b)(5) and (7) and regulations Section 2056(b)-5.
ISSN:0021-8448
1945-0729