Marital Gift Sample Clauses

Marital Gift. The Trustees shall also allocate to the SURVIVOR’S TRUST a pecuniary amount equal to the maximum marital deduction allowable (with respect to the Deceased Settlor’s share of the trust estate) to the Deceased Settlor’s estate for federal estate tax purposes, reduced by an amount, if any, needed to increase the taxable estate (including adjusted taxable gifts) for federal estate tax purposes to the largest amount that results in no federal estate tax on the Deceased Settlor’s estate under the laws in effect at the Deceased Xxxxxxx’s death, after allowing for the federal unified credit, the state death tax credit, if any (but only to the extent it does not result in or increase the amount of death taxes payable to any state), and any other allowable federal credits. In determining this amount (hereinafter the “Marital Deduction Amount”), the Trustees shall treat all transfers by Will, under this Trust Agreement, or otherwise, for which the federal estate tax marital deduction would have been allowed but for the Surviving Settlor’s citizenship, disclaimer by the Surviving Settlor, or non-election by the Deceased Settlor’s personal representative (or by the Trustees if there is no personal representative) with respect to property that would otherwise constitute “qualified terminable interest property” as defined in Section 2056(b)(7) of the Internal Revenue Code of 1986 (other than property specifically allocated to the BYPASS TRUST hereunder), as if that marital deduction had been allowed. The Trustees may satisfy the Marital Deduction Amount in cash or in kind, or partially in each, with assets that qualify for the federal estate tax marital deduction. Assets allocated in kind shall be deemed to satisfy the Marital Deduction Amount at fair market values as of the date or dates of allocation to the SURVIVOR’S TRUST. The Trustees shall not satisfy the Marital Deduction Amount with assets that qualify for the federal estate tax foreign death tax credit unless all other assets available to satisfy the Marital Deduction Amount have been so used.