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No Marital Deduction for Settlement Transfer
Decedent's wife filed a claim against Decedent's estate and a settlement was reached. However, to qualify as a transfer from the Decedent to a spouse which would qualify for a marital deduction, the claim would have to be based on enforceable rights. Under state law (New Jersey), there was no enforceable right to settle the claim for a lump sum. Nor did the wife make an election between dower or amounts transferred under the will, so it could not be argued that the settlement was based on enforceable dower rights either. As a result, the settlement did not qualify for a marital deduction.
Source: Mergott Est., DC N.J., 2000-2.
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Sponsored by James J. Eccleston, an attorney representing stockbrokers, financial planners and
investors nationwide in arbitration, litigation and regulatory matters, and a shareholder with the law firm
Shaheen, Novoselsky, Staat, Filipowski & Eccleston
P.C.(www.snsfe-law.com). This Web site contains material
of general interest. It is neither intended to, nor constitutes, either legal advice or investment advice.
Always consult an attorney and/or investment advisor when building and protecting your wealth.
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