Common use of FEDERAL ESTATE AND GIFT TAXES Clause in Contracts

FEDERAL ESTATE AND GIFT TAXES. Generally there is no specific exclusion for Xxxx IRAs under the estate tax rules. Therefore, in the event of your death, the value of your Xxxx XXX will be includible in your gross estate for federal estate tax purposes. However, if your surviving spouse is the beneficiary of your XXX, the value of your Xxxx XXX may qualify for the marital deduction available under Section 2056 of the Internal Revenue Code. A transfer of property for federal gift tax purposes does not include an amount which a beneficiary receives from a Xxxx XXX plan.

FEDERAL ESTATE AND GIFT TAXES. Generally there is no specific exclusion for Xxxx IRAs under the estate tax rules. Therefore, in the event of your death, the value of your Xxxx XXX will be includible in your gross estate for federal estate tax purposes. However, if your surviving spouse is the beneficiary of your XXXIRA, the value of your Xxxx XXX may qualify for the marital deduction available under Section 2056 of the Internal Revenue Code. A transfer of property for federal gift tax purposes does not include an amount which a beneficiary receives from a Xxxx XXX plan.

FEDERAL ESTATE AND GIFT TAXES. Generally there is no specific exclusion for Xxxx IRAs under the estate tax rules. Therefore, in the event of your death, the value of your Xxxx XXX will be includible in your gross estate for federal estate tax purposes. However, if your surviving spouse is the beneficiary of your Xxxx XXX, the value of your Xxxx XXX may qualify for the marital deduction available under Section 2056 of the Internal Revenue Code. A transfer of property for federal gift tax purposes does not include an amount which a beneficiary receives from a Xxxx XXX plan.