Sentences with phrase «spouse upon your death»

A family living trust (typically husband and wife) or a joint trust with two grantors can be used to shift assets between the spouses upon death as a way to most effectively use the deceased spouse's exemption amount.

And if you don't use your accumulated value, it can go to your spouse upon your death.

Contributions to a spouse's TFSA are allowed and TFSA assets can be transferred to a spouse upon death.

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.

Again, it's likely that you and your partner will be sharing almost everything, but there are the occasional properties or assets that you may want to keep in your biological family or give to your kids from a previous marriage as opposed to your spouse upon your death.

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.

And if you don't use your accumulated value, it can go to your spouse upon your death.

Not exact matches

And, upon death, HSA ownership may transfer to the spouse on a tax - free basis.

You must be currently insured to be eligible for disability benefits and, upon your death, for your surviving spouse to receive the $ 255 death benefit and Mother's / Father's benefits along with any surviving dependent children's benefits.

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

«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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Upon death, your HSA account ownership may transfer to your spouse on a tax - free basis, and the account will still be subject to all HSA guidelines and requirements, simply with your spouse as the new owner.

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 fact, most people don't realize that without a will your spouse doesn't automatically inherit your estate upon your death.

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.

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.

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.

Cajon — If you mean naming a spouse or common - law partner as a beneficiary upon death then the answer is yes you can and the proceeds are tax free.

If you mean naming a spouse or commom - law partner as a successor who can continue to contribute to your TFSA account upon death then I would suggest calling the government to obtain a concrete answer.

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.

Normally, your spouse or dependents will receive a Social Security death benefit upon your death, but if you opt - out, your family doesn't have this option.

This is done typically in a joint revocable living trust by providing a legal means within the trust to create separate trusts upon the first spouse's death, thereby creating a protected second trust for a surviving spouse.

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.

This is a fairly unique rider as it gives your spouse the ability to purchase single premium whole life insurance upon your death without demonstrating insurability.

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.

If assets are not held jointly with your spouse, the general rule is that the Canada Revenue Agency will deem it to be sold at fair market value upon your death.

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

Life insurance provides a tax - free cash payment to your named beneficiaries (such as your spouse or children) upon your death.

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

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.

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.

Survivor Benefit - The benefit payable to a surviving spouse or designated beneficiary upon the participant's death.

By transferring sufficient assets to the surviving spouse in the proper manner, estate tax liability upon the first spouse's death can be completely avoided.

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.

This is because the death must invalidate the fundamental assumption upon which the order was made, and if a spouse's needs no longer exist, this test can be satisfied.

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.

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

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.