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Unlimited Marital Deduction

An unlimited marital life insurance transfer is, more specifically, the unlimited number of transfers that can occur between spouses free of taxes. This ability became available in 1981. The Internal Revenue Code of 1954 was amended with the Economic Recovery Tax Act of 1981. Before the amendment in 1981, there were flat fees and percentage charges involved with transfers from one spouse to another, no matter the type of property being transferred. Life insurance policies should be meticulously created so that assets are transferred in the exact manner wished, and to keep in line with the unlimited marital tax reduction.

Fast Facts

  • Legal tax professionals provide information on things to avoid in transfers during or after a spouses lifetime.
  • If a life insurance policy is transferred after the death of the owning spouse, it may be taxed as part of the deceased's estate.

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