Sentences with phrase «upon death of a spouse»

Upon death of a spouse, ownership transfers to the surviving spouse.

The marital deduction law allows married couples to transfer an unlimited amount to their spouse without an estate tax hit; however, upon the death of a spouse, the surviving spouse does not get this privilege (unless they remarry) and if his / her estate exceeds the federal and state estate tax exemption then it will be taxed upon their death.

In Canada, debts can not be inherited and can not be transferred upon the death of a spouse.

Having available cash on hand upon the death of a spouse, business partner or parent is so valuable it can not be understated how much this benefit can protect an estate.

(Pending divorce cases also abate upon the death of a spouse, but most other civil cases do not.)

In addition, married same - sex spouses have full access to pensions belonging to their spouse and to property division upon the death of their spouse.

Having available cash on hand upon the death of a spouse, business partner or parent is so valuable it can not be understated how much this benefit can protect an estate.

A good insurance policy e.g. life insurance policy taken by both working spouses, will ensure that upon death of a spouse the other gets the insurance benefit.

This way, a surviving spouse does not have to exhaust retirement savings, or risk other assets, should they require medical or long - term care upon the death of a spouse.

A premarital agreement allows a couple to predetermine property and financial issues during marriage, upon the death of a spouse or in the event of divorce.

A spousal or adult interdependent partner support order terminates upon the death of the spouse or adult interdependent partner receiving support.

If no action has been taken to change the beneficiary, upon the death of a spouse the assets of that person are handled just as if the...

Not exact matches

«Jesus Christ, our Lord and God, when he was about to offer himself once on the altar of the Cross to God the Father, making intercession by means of his death, so that he might gain there an eternal redemption, since his priesthood was not to be extinguished by death, at the last Supper, «on the night that he was handed over», left to his beloved Spouse the Church a visible sacrifice, such as the nature of man requires, by which the bloody sacrifice achieved once upon the Cross might be represented and its memory endure until the end of the age, and its saving power be applied to the remission of those sins which are daily committed by us.»

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Spouses typically hold property as joint tenants, whereby upon the death of the first, the asset passes directly to the survivor and does not make up part of the estate of the deceased.

At some point, Ottawa realized a 50 % reduction in a family's OAS income upon the first death is problematic because the surviving spouse needs more than 50 % of the couple's income to maintain his or her standard of living.

In some instances of joint ownership, however, a deed is unnecessary, as the surviving spouse will automatically take full title to the property immediately upon the deceased spouse's death.

Spouses who jointly own property as tenants in common do not automatically receive full title to the property upon the death of the other spouse.

form of joint ownership of an asset by spouses in which both own the asset equally; upon death of one spouse, ownership passes automatically to the surviving spouse

And upon the death of the second spouse, the remaining death benefit is paid out to the beneficiaries.

Contributions to a spouse's or common - law partner's TFSA will be allowed, and TFSA assets will be transferable to the TFSA of a spouse or common - law partner upon death.

Upon the death of the annuitant, the ownership could possibly be changed to a spouse or a non-spouse beneficiary.

If they leave the asset in their estate and it grows to $ 2 million, upon the death of the second spouse, that $ 1 million gain would get a step - up * in basis.

However, upon the death of the surviving spouse / partner, there will be a deemed capital gain, calculated exactly as noted above.

Ditto if you've remarried and hold an asset using option no. 2 with your new spouse: upon your death, the asset will pass directly to your partner, leaving your children completely out of the mix.

The full value of your RRSP or RRIF is taxable as income upon your death if left to anyone other than your spouse.

In certain so - called community property states, the entire basis of community property — not just half — may be increased to date - of - death value upon the death of one spouse.

Covers the lives of two people and the death benefit is paid upon the death of the surviving spouse or partner.

This titling strategy is by default and means that if one spouse were to die, the surviving spouse would take title automatically as a transfer upon death, by right of survivorship.

Even the death of a former spouse may not stop the payments if your decree states that his / her benefit will continue to be paid to the court or the estate or children upon your former spouse's death.

Upon the death of the second spouse, only the A trust is subject to estate taxes because the B trust bypasses the second spouse's estate.

The purpose of an A-B trust arrangement (also called a «marital and bypass trust combination») is to enable both spouses to use the applicable estate tax exemption upon their deaths, which shelters more assets from federal estate taxes.

If you are married when your annuity begins, it will be computed with a reduction to provide a maximum survivor annuity (50 percent of your unreduced annuity) for your spouse upon your death.

First, Arizona Revised Statute Section 25 - 327 (B) provides that, unless the Decree of Dissolution of Marriage or Decree of Legal Separation indicates otherwise, an award of spousal maintenance terminates upon the death of either party or upon remarriage of the spouse receiving the spousal maintenance.

how property will be divided between the spouses upon separation, divorce, or death of either spouse

Once upon a time, thanks largely to Catholic dogma that mysteriously survived the Henrician Reformation, marriage was presumed to be a permanent enterprise that would end only upon the death of one or both spouses.

There is an interaction between the probate laws that govern the distribution of property upon death, and the marital property laws that govern distribution of property between divorcing spouses.

Entireties property is generally exempt from the claims of creditors of the individual spouses, and it passes to the surviving spouse upon the death of the other.

It is a good idea to check with the bank on whether or not any joint account will be frozen upon the death of one of the spouses.

(d) All charging orders for spousal support and alimony pendente lite shall terminate upon the death of the payee spouse.

This may be vastly different from what you may have intended and can have unforeseen tax consequences upon the death of the surviving spouse.

Survivorship life insurance pays out a death benefit upon the death of the second spouse or business owner.

Also called «second - to - die» life insurance, this type of whole life policy insures two lives (typically spouses) and pays out upon the death of the second individual.

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The Survivorship GIUL offers survivorship life insurance protection of married couples or business partners that pays out the death benefit upon the death of the second spouse or partner.

While life insurance is usually bought to replace the holder's salary upon death to make sure dependents are taken care of, dependent life insurance is typically purchased to cover funeral and other expenses incurred because of the death of a spouse or children.

Regardless of whether an annuity owner's beneficiary is a spouse or non-spouse, upon his death the entire account value is included in calculating estate tax liability.

Upon the death of the insured spouse, the death benefit from the life insurance policy passes tax - free to the listed beneficiary (typically the wife).

This strategy assumes that upon your death, your spouse invests the death benefit proceeds, which will earn a conservative 6 %, and draw off of that money to pay down the mortgage over time, rather than apply the entire $ 350,000 to the mortgage balance immediately upon your death.

Since your premium is based upon the joint life expectancy of both insureds — like you and your spouse — survivorship life insurance is usually less expensive per thousand dollars of death benefits than traditional universal life insurance.