Markus Kuhn said:
>>> Many wills and living trusts these days are written to provide
>>> for concurrent death events of both spouses, even to the point of
>>> defining concurrent to be within 30 hours of each other.
> I wonder where the 30 hours come from. Is is something like 24 h plus
> the time zone uncertainty interval in the main habitat of US lawyers?
Um, my will defines it as 30 *days* - so does my wife's.
[For those wondering, the reason is to avoid inheritance tax hitting twice.
Inheritance by spouses is free of tax, but all other inheritance pays tax
(currently 40% on everything over the first 255,000 pounds). Without the
clause, if we die close in time, all the property of one is inherited by
the other (tax free) and then, minutes or hours later, by our children.
With the clause, half the property goes from each of us to our children,
who therefore profit by up to 40% of 255,000 pounds compared with the
default arrangement.]
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Received on Mon Jun 09 2003 - 02:52:24 PDT