An in-depth look into the concept of Elective Share, which allows a surviving spouse to claim a statutory percentage of the deceased's estate, supplanting traditional dower and curtesy.
A Marital Trust is a legal arrangement that provides financial benefits to the surviving spouse upon the death of the other spouse, ensuring their financial well-being and often providing tax advantages.
The Surviving Spouse Exemption, also known as the widow's exemption, is a tax benefit provided to individuals who have lost their spouse. It aims to alleviate the financial burden associated with the death of a partner.
Dower is a statutory provision in a common-law state that directs a certain portion of the estate (often one-third) to the surviving spouse. The term 'curtesy' is used if the surviving spouse is the husband.
A Qualified Terminable Interest Property (Q-TIP) Trust is an estate planning strategy that ensures all income from trust assets is paid to the surviving spouse during their lifetime and limits asset transfer to others. The surviving spouse can control the final beneficiaries within a pre-designated group.
