Yes, that could happen if your estate is divided per a formula provision that incorporates the provisions of the federal tax code.
This is how it could happen. Suppose you executed a will in 2008 that divided your estate so that your federal estate tax marital deduction is maximized. Back in 2008, the basic exclusion amount was $2,000,000. Today it is $11,180,000. Using that old formula means that your surviving spouse receives nothing under your current will; either outright or in trust.
If you have an old estate plan that uses a formula distribution based upon the maximum marital deduction contact me for a free initial consultation. I ...
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A DIY will frequently creates issues about its validity.
Susan had the execution of her will personally observed by Ruth. Ruth then signed the will after Susan signed it. Although the opinion doesn't state so, the will might have been one purchased at an office supply store or typed up by Susan.
Susan then took the will to her bank where Allen notarized it. Allen didn't recall this particular notarization but his habit and practice was that he would notarize documents for people that he recognized as bank customers. Allen knew Susan as a regular customer. Over objection, the habit evidence was admitted by the county court. The county court held that will was valid and it was admitted to formal ...
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Charitable giving and the In-Marriage QDRO
Under the Tax Cuts and Jobs Act of 2017, charitable deductions are one of the few deductions still available. If a married couple want to make a large charitable contribution - with pre-tax money - the In-Marriage QDRO can do the trick.
It is best if your accountant runs the numbers, but it is generally a wise tax strategy to use pre-tax money from a tax-qualified vehicle like a 401(k) to make a charitable contribution. The charitable deduction can reduce the couple's tax bill and the real economic cost of making the contribution is less than if post-tax money was used.
I'm the only attorney in Nebraska who knows how to do an ...
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