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In some states, common law marriages are recognized as legal marriages, and therefore the common law spouse of the deceased can inherit the estate. The surviving spouse takes between $100,000 ...
The intestacy laws of certain American states, limit the surviving spouse's rights (inheritance) to the deceased spouse's real estate to a life estate. Louisiana, applying civil law, has a similar default provision in intestate successions called a usufruct, which is only over community property and ends with the earlier of death or remarriage.
In this technique, each spouse creates a trust and divides their assets (usually evenly) between the two trusts. The terms of the credit shelter trust provide that upon the first spouse's death, the other is left an amount in trust for the benefit of the surviving spouse up to the current federal exemption equivalent to the federal estate tax.
As a simple example, under Iowa law (see Code of Iowa Section 633.238 (2005) Archived 2018-06-27 at the Wayback Machine), the deceased spouse leaves a will which expressly devises the marital home to someone other than the surviving spouse. The surviving spouse may elect, contrary to the intent of the will, to live in the home for the remainder ...
A surviving divorced spouse is eligible to receive the same benefits as a surviving spouse as long as the marriage lasted for 10 or more years. However, a surviving divorced spouse does not have ...
Though the U.S. does not have a federal inheritance tax, six states have inheritance taxes including Iowa, Kentucky, Maryland, Nebraska, New Jersey and Pennsylvania. ... Surviving spouse, assets ...
The modern view is that where a beneficiary was intended to inherit part of the residuary estate who predeceases the testator, and that beneficiary is not covered by the anti-lapse statute, then that beneficiary's inheritance will return to the residuary estate, to be inherited by the other beneficiaries to whom the residue has been willed.
Upon a death in the family, there will likely be a number of unpleasant tasks to perform, including filing taxes for deceased loved ones. Because death and taxes are inevitable, there’s a good ...