The tax man doesn’t mind allowing you to pass along assets to your spouse tax-free, because your spouse will still be exposed to the death tax. Because of this, high net worth individuals must implement tax efficiency strategies in advance. Utilization of the unlimited marital deduction is not a comprehensive estate planning solution for wealthy individuals. Because of the recent Supreme Court ruling that found a portion of the Defense of Marriage Act unconstitutional, the unlimited marital deduction extends to same-sex couples who are legally married in the state of New York and elsewhere.
Topics covered in this report include:
- Bequests to Spouses
- Same-Sex Married Couples
- Unification of Gift & Estate Taxes
- Portability of Estate Tax Exclusion