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Tax Deduction Consulting: Marital Deduction Sioux Falls SD

While discussing the future, you and your spouse should look into the various federal estate marital tax deductions. Under this tax law, after the death of the first spouse, expenses and interest related to the estate inherited by the surviving spouse is deducted from the passed spouse's estate. Simply, this prevents the survivor from being taxed an unfair amount.

Liberty Tax Service
(866) 871-1040
1520 W 12th St
Sioux Falls, SD

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H&R Block
(605) 332-8081
4601 E ARROWHEAD PKWY STE 101
SIOUX FALLS, SD

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Mr. Todd M. Klein (RFC®), CFP
(605) 348-2433
1241 E St. Joseph St
Rapid City, SD
Company
Fintegra, LLC
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Years of Experience: 19
Membership
IARFC
Services
Invoice, Estate Planning, Portfolio Management, Retirement Planning, Tax Planning, Tax Returns, Stocks and Bonds, Mutual Funds, CD Banking, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Education Plan

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H&R Block
(605) 332-8081
4601 E ARROWHEAD PKWY STE 101
SIOUX FALLS, SD

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Liberty Tax Service
(866) 871-1040
1520 W 12th St
Sioux Falls, SD

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H&R Block
(605) 362-2567
3400 EMPIRE MALL
SIOUX FALLS, SD

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Liberty Tax Service
(866) 871-1040
5216 W 26th St
Sioux Falls, SD

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Liberty Tax Service
(866) 871-1040
5216 W 26th St
Sioux Falls, SD

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Liberty Tax Service
(866) 871-1040
1943 Dakota Ave S
Huron, SD

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Liberty Tax Service
(866) 871-1040
633 E Sioux Ave # 6
Pierre, SD

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Tax Deduction Consulting: Marital Deduction

Marital Deduction - Estate Tax

Next to the Alternative Minimum Tax, the Estate Tax is one of the more brutal taxes we have. The marital deduction, however, is one way around the estate tax.

When planning your estate with your husband or wife, there are key points to keep in mind. Luckily, the IRS has gone a long way in ensuring that the estate of individuals is able to be dealt with after death. While discussing the future, you and your spouse should look into the various federal estate marital tax deductions. Under this tax law, after the death of the first spouse, expenses and interest related to the estate inherited by the surviving spouse is deducted from the passed spouse's estate. Simply, this prevents the survivor from being taxed an unfair amount.

This helpful tax tool can be made useful in many ways. Depending upon the way your will is set up, this deduction can save the survivor much burden and cost. If following the rules and complying with requirements completely, this can prevent the surviving spouse from being liable for the deceased's tax liabilities. This gives the surviving spouse the ability to take his or her time in making important decisions for the left estate. It also gives the surviving partner the money that may be necessary to sustain life standards.

When making arrangements for imminent death, there are several ways to transfer the estate into the surviving spouse's name. You can either transfer by will or transfer by trust. If you transfer by will, it will be an outright transfer of the estate. While this is the most common way to handle estate transfers, it can also get a bit messier. The survivor will have complete control of the estate and outright ownership responsibilities. Although this sounds preferable, it also means that the surviving spouse will typically end up assuming pressures of maintaining and selling the estate.

Transferring by trust is a preferred method by many in law. With a trust, the spouse is given m...

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