A family or credit-shelter trust is designed for married couples to maximize the use of each spouse’s estate tax exemption. The trust is funded upon the death of the first spouse to provide for the surviving spouse or other beneficiaries. At the death of the surviving spouse, remaining asse...
A bypass trust is a planning strategy that can help wealthy married couples minimize estate taxes. Also known as an AB trust, the bypass trust consists of two trusts created when one spouse dies: The "A trust", or marital trust, holds assets for the surviving spouse, while the "B trust...
capital losses are not deductible. If you sell your house or car at a loss, you will be unable to treat it as a tax deduction. However, when you sell your primary home, the first $250,000 is exempt from the capital gains tax. That figure doubles to $500,000 for married couples.4...
married taxpayers who choose to record their respective incomes,deductions, and credits on separate tax returns. Married filing separately may be appealing to couples who find that combining their income pushes them into a higher tax bracket than either of them would be in if they filed separately...
Tenancy by the Entirety: This only applies to married couples in about half of the states in the US. It ensures that when one spouse dies, the surviving spouse automatically inherits the property without probate. A few states that recognize this form of ownership extend it to other assets, ...