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. Read on to learn more.
About Amy Lazas
Amy Lazas is the owner of Providence Law Group, LLC., where she works with clients in the areas of estate planning and administration. Prior to her legal career, Amy worked in large corporate organizations for over 20 years marketing and selling products and services. She also managed corporate partnerships in the U.S. and Internationally.