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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 ...
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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 ...
Surviving spouses: No inheritance tax rate Siblings, parents, children and grandchildren: No taxes on amounts up to $100,000, then 1% Remote relatives (aunts, uncles, nieces, nephews): No taxes on ...
The Uniform Simultaneous Death Act is a uniform act enacted in some U.S. states to alleviate the problem of simultaneous death in determining inheritance.. The Act specifies that, if two or more people die within 120 hours of one another, and no will or other document provides for this situation explicitly, each is considered to have predeceased the others.
“If you have a spouse or kids [and] you don’t have an estate plan, the government’s going to distribute things maybe largely as you would expect,” says Xia Spradling, noting assets will ...