Sentences with phrase «death of the surviving spouse»

(B) Timing of return of premium payment following death of surviving spouse receiving life annuity.
To try to minimize this impact, several individuals and married couples devise estate - planning strategies that involve transferring assets to trusts such as a credit shelter trust, which postpones estate taxes until death of the surviving spouse.
It matches the tax obligation that will be triggered on the death of the surviving spouse.
In this situation, there may be a likelihood of greater taxes due at the death of the surviving spouse than when the first spouse dies.
Alternatively, where a cottage is not transferred during one of the parent's lifetime and the cottage is left to the surviving spouse or common - law partner; there are no income tax issues until the death of the surviving spouse / partner.
However, upon the death of the surviving spouse / partner, there will be a deemed capital gain, calculated exactly as noted above.
He points out CPP is a valuable Defined Benefit pension that «provides a guaranteed monthly income that lasts not only until your death but also until the death of your surviving spouse (Widows Allowance).
After the death of the surviving spouse, the assets remaining in the QDOT will be subject to the estate tax.
If the deceased has left children, half the residue passes outright to the children and the other half is held on a life interest for the surviving spouse or civil partner — and on the death of the surviving spouse or civil partner, the remainder will pass outright to the children.
This may be vastly different from what you may have intended and can have unforeseen tax consequences upon the death of the surviving spouse.
It was perhaps thought in the past that the arrangements could lie dormant, usually until the death of the surviving spouse.
This type of policy provides a death benefit payout on the death of the surviving spouse or business owner.
The death benefit payout occurs on the death of the surviving spouse.
If the return of premium payment is paid after the death of a surviving spouse who is receiving a life annuity (or after the death of a surviving spouse who has not yet commenced receiving a life annuity after the death of the employee), the return of premium payment under this paragraph (c)(4) must be made no later than the end of the calendar year following the calendar year in which the surviving spouse dies.
Survivorship GIUL: this is a great survivorship life insurance policy that would work well for a couple looking to create an immediate estate on the death of the surviving spouse.
«Second to die» policies like these make death benefits payable after the death of the surviving spouse.
Death benefit is paid upon the death of the surviving spouse.
Survivorship universal life is designed so older couples can take advantage of estate marital tax deductions, and then cover estate taxes after the death of the surviving spouse.
Married couples can sometimes defer this tax until the death of the surviving spouse.
VOYA Strategic Accumulator Survivorship Universal Life, also known as second to die insurance, provides a death benefit payout on the death of the surviving spouse.
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