What is Estate Tax Marital Deduction?

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What Is the
Federal Estate Tax Marital Deduction?
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Federal Death Tax
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There is a federal estate tax that is applicable
in all 50 states
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Estate Tax Credit
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The amount of the CREDIT OR EXCLUSION is 5.34
million in 2014
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This is the total amount that you can leave to
others tax-free
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TRANSFERS exceeding this amount are taxable
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Relationships
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ASSET TRANSFERS to close relatives, including
your children, are potentially taxable
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However, there is one exception
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Marital Deduction
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There is a federal estate tax marital deduction
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This allows you to leave any AMOUNT OF MONEY to
your spouse free of the death tax
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American Citizenship
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To use the unlimited marital deduction, your
spouse must be an AMERICAN CITIZEN
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Gift Tax
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There is a gift tax that is unified with the
ESTATE TAX
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Because of the marital deduction,
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You can also give unlimited tax-free gifts to
your spouse while YOU ARE LIVING
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Planning Is Still Required
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Leaving everything to your spouse tax-free would
only delay the imposition of the estate tax
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If you are exposed to the estate tax,
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You should devise a tax efficiency strategy even
if you are married
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Indianapolis Wealth Preservation Consultation
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This has been a brief look at the estate tax
marital deduction
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• If you are concerned about federal transfer
  taxes, contact our firm to schedule a free
  consultation

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[phone] FrankKraft.com