So what is the significance of a person becoming a surviving spouse in 2012?
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The surviving spouse, of course, may be focused on getting through one day at a time.
The disclaimer trust is an empty bypass trust into which a surviving spouse can "disclaim" assets.
Even if you leave behind no kids, your surviving spouse may not get all your assets.
All of the income of the marital trust is distributed to the surviving spouse.
The surviving spouse may be given the right to withdraw principal from the marital trust.
When a Googler dies, is the estate, surviving spouse or partner taxed on the 10 year payout?
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In the absence of a will the surviving spouse will inherit at least the bulk of any estate.
As in most states, New Jersey courts entitle the surviving spouse to one-third of an estate, regardless of the will.
Most people would intend that their surviving spouse succeed to all of their property, especially if their children are grown.
All the income of the marital trust is payable to the surviving spouse (Spouse Two) for his or her life.
While you can't predict now, your surviving spouse or your estate's executor may be in a better position to judge.
Most important, when the high earner dies, the surviving spouse is allowed to collect 100% of the deceased's higher benefit.
Supposedly, the additional pension a person receives each month can be used to buy life insurance to protect the surviving spouse.
Technically the surviving spouse can choose between the two benefits, if he or she is eligible for both at the same time.
That deduction could largely go to waste, but a surviving spouse can make it valuable by marrying it to a Roth conversion.
If the kids are old enough to get the money directly, the surviving spouse could be left with too little to live on.
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Even in the presence of a will written pre-marriage which states otherwise the surviving spouse, or ex-spouse, will again be the natural inheritor.
In other words, they have a 95% chance of not running out of money before the last surviving spouse no longer needs withdrawals.
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Sure, in a joint tenants with rights of survivorship situation the surviving spouse will generally retain survivor rights but you just never know.
First of all, if the surviving spouse has remarried before age 60, the Survivor Benefit is no longer available to him or her.
Both of us have made substantial pension contributions over many years which for a heterosexual couple would help pay for a surviving spouse's pension.
If the surviving spouse re-marries before age 60 and then subsequently divorces or is subsequently widowed again, the Survivor Benefit is once again available.
The union won't want to give up any of its pension programs, with extra early retirement money, and 65% benefits for a retiree's surviving spouse.
On the death of the first, the exemption amount goes into a "bypass" trust for the kids, with the rest going to the surviving spouse.
The time horizon is thirty years, which assumes that the last surviving spouse will need money for at least thirty years after the retirement date.
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At death, ownership is transferred by law to the surviving spouse.
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The surviving spouse may suddenly be saddled with an unfunded debt.
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But you likely intend that all of your assets pass to your surviving spouse, to be used for the benefit of your surviving spouse and children.
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If the surviving spouse is eligible for a retirement benefit that is greater than the Survivor Benefit, only the greater of the two will be payable.
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