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Subject:  A couple of quick questions Date:  2/6/2007  12:29 PM
Author:  JonBeer Number:  91761 of 131093

1)My wife and I were married in late January 2006 - should we be filing as married for the year? Or as married for part of it? If so, what are the benefits to filing separately? We both have 100k+ incomes so won't get any benefit from combining allowances I assume.

2) We're both Greencard holders, but not citizens. A financial advisor who is trying to sell me life insurance tells me that as non-citizens we get only a $13k exemption from estate tax, and that spouse to spouse transfers are taxable at the full rate on death. Can this be correct? It seems very mean. We bought our home as Tenants in the Entirety so that should be ok, but what can we do about the rest of our assets and potentially our life insurance policies?

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