Estate Planning: Illinois Marital Tax Deductions

EstateLaw — Thu, 05 Aug 2010 21:45:20 +0000

All property passing to a spouse is deductible – whether by lifetime gift or at death. This means that while the value of these transfers is in the estate, it is also deductible. Whatever is given to a spouse is not taxable. If you give your spouse $10 million during life or at death there is no tax. But when the spouse dies later there is no marital deduction unless the spouse has remarried. At this time the spouse could give your property to his or her second spouse, unless you take steps to avoid it.

To learn more about marital tax deductions in Illinois contact Chicago wills, trusts and estate planning attorney Donald Thompson.

Marital Deductions Tax Free

donthompson — Sat, 22 Nov 2008 09:26:34 +0000

All property passing to a spouse is deductible – whether by lifetime gift or at death. This means that while the value of these transfers is in the estate, it is also deductible.

Whatever is given to a spouse is not taxable. If you give your spouse $10 million during life or at death there is no tax. But when the spouse dies later there is no marital deduction unless the spouse has remarried.

At this time the spouse could give your property to his or her second spouse, unless you take steps to avoid it.

Find out more about Chicago Estate Planning.

Chicago Estate Planning Law Blog » Illinois Marital Deduction

Estate Planning: Illinois Marital Tax Deductions

Marital Deductions Tax Free