When Mona Manse died she left $4 million in trust. Her husband, Clarence, is to receive all income from the trust for his life, payable annually, but has not powers over the trust. Upon Clarence's death the remainder is to be spilt among their children per stirpes.
Is the marital deduction available to Mona based on the above facts?
Assume the same facts above, but we now assume a QTIP election is made. Is the marital deduction available to Mona?
Assume the same facts above, but we now assume a QTIP election is made and the remainder goes to charity instead of to their children. What are the tax effects to Mona's and Clarence's estates?