Understanding and Manipulating Estate and Gift Taxes – Part 2

Most everyone knows that each American can pass nearly $13 million in assets before worrying about an estate tax. In addition, it’s possible to pass an unlimited amount to a spouse without incurring any tax. Of course, to obtain the benefit of the unlimited marital deduction, the amount passing to the spouse must meet specific requirements. If the property meets certain requirements, the Internal Revenue Code allows the unlimited deduction but includes the property in the surviving spouse’s estate. The inclusion of the property in the surviving spouse’s estate could be an unwelcome surprise for the beneficiaries of the survivor’s estate. Good thing Internal Revenue Code Section 2207A exists.  My friend and colleague Tereina Stidd, an estate planning expert, continues her discussion. Read on to learn more.

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Timothy P. Murphy

Timothy P. Murphy is an estate planning and elder law attorney whose practice emphasizes helping people to build, preserve and pass on their wealth. He works with his clients to accomplish their goals while avoiding unnecessary court proceedings and minimizing or eliminating exposure to death taxes.

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