Marital Deduction
Definition of "Marital deduction"
Provision in the Federal Tax Code for favorable treatment of an estate. Under the unlimited marital deduction no federal estate tax is imposed on qualified transfers between a husband and wife. Under the qualified terminable interest property (q tip) trust all income from assets in trust is paid at least annually for the life of the spouse.
Popular Insurance Terms
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Contract providing whole life insurance on the father and term insurance on the mother and all children, including newborns after reaching a stated age, usually 15 days. Children, upon ...
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