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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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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A lesson from the artist formerly known as Prince
Prince had no will and no estate plan. The result from this lack of action was predictable. Various dubious claims have been filed against the estate from long-lost relatives, alleged illegitimate children and the like.
It is also clear that the estate had to move through the Minnesota probate court. After two years, his six siblings have received zero dollars from an estate worth an estimated $200 million.
Some people, however, have been paid. The IRS and State of Minnesota have been paid along with about $8 million in fees and expenses to lawyers and other experts. Those expenses cut into what the siblings will eventually ...
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