What is a marital deduction and how does it work?

A marital deduction is a way for married couples to transfer property between them without being taxed on it. In West Virginia, the law governing marital deductions is outlined in the West Virginia Code. The way it works is that if a married couple wants to transfer property from one spouse to the other, the receiving spouse can deduct the value of the gift from their total taxable estate. Basically, this means that the receiving spouse does not have to pay taxes on it. This could be useful if, for example, one spouse wants to give a piece of property to the other, or if they want to transfer money from one spouse’s account to the other’s. Marital deductions are also important for estate planning. Estate planning involves making decisions about how assets will be distributed after the death of one’s spouse. When assets are transferred through a marital deduction, they are exempt from taxes, which can save the receiving spouse money. In addition, the amount of money that can be deducted has been increased in recent years, making it easier for married couples to plan their estates. This gives them more opportunities to pass down their wealth to the next generation without being heavily taxed. This is just one of the many benefits of estate planning in West Virginia.

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What is a marital deduction and how does it work?

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