exemption trust
- A trust set up to take advantage of a federal estate tax exemption upon the grantor's death; typically, excessive property is passed to the surviving spouse, shielding it from tax under the marital deduction
- The couple created an exemption trust to minimize their estate tax liability.
- His exemption trust allowed the majority of his wealth to pass to his surviving spouse free of estate taxes.
- The presence of an exemption trust enabled the beneficiaries to retain more of the deceased's assets.
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