What Is the Estate Tax Marital Deduction In Northern California from Timothy Murphy You should devise a holistic tax efficiency strategy with the assistance of a licensed estate planning attorney. Learn more about estate tax marital deduction in this presentation. … [Read more...] about What Is the Estate Tax Marital Deduction
Tax Efficiency
Free Report: What is the Annual Gift Tax Exclusion in California
You have to be aware of federal transfer taxes when you are planning your estate. If you are exposed, there are steps that you can take to reduce the burden. Topics covered in this whitepaper include: Federal Gift Tax Unlimited Marital Deduction Annual Gift Tax Exclusion Estate Tax Efficiency Strategies Click here to read the whole article or download the PDF. … [Read more...] about Free Report: What is the Annual Gift Tax Exclusion in California
How Much Can You Transfer Free of Estate Tax?
How Much Can You Transfer Free of the Estate Tax? from Timothy Murphy Earning a significant store of wealth is only half the battle. Once you have achieved your financial goals, you have to address your legacy. … [Read more...] about How Much Can You Transfer Free of Estate Tax?
What Happens To A Living Trust When One Spouse Dies?
One reason for a living trust for a married couple is the opportunity to pass on their estates to their children in the most tax-efficient manner. When the first spouse dies, the surviving spouse is allowed to make use of all available tax benefits. This can be the difference between leaving your children the wealth you have accumulated and leaving them with barely enough to pay for funeral expenses. Can’t I just leave everything to my spouse? Typically, when one spouse dies, they leave … [Read more...] about What Happens To A Living Trust When One Spouse Dies?
IRS Announces 2015 Estate and Gift Tax Exemptions
The IRS has announced the annual inflation adjustments for 2015. The unified federal gift and estate tax exemption, including the amount an individual leaves to his or her beneficiaries at death and the amount of reportable gifts during life, will be $5.43 million in 2015. This amount has increased from $5.34 million, the federal estate tax exemption in 2014. This means that a decedent in 2015 will be able to pass $5.43 million tax free, cumulative of gifts which exceed the annual federal gift … [Read more...] about IRS Announces 2015 Estate and Gift Tax Exemptions
The Active Gift Plan: An Often Overlooked Estate Planning Tool
One of the easiest estate planning tricks to take advantage of is the gift tax exemption limit. This limit allows you to give away a portion of your estate each year to family members without having to pay additional estate taxes. While giving away gifts is an easy estate planning tool to use, a lot of people ignore it even though there are several simple steps you can take to implement such a plan. Know your limits. A good plan starts by knowing how much you can, should, and should not give … [Read more...] about The Active Gift Plan: An Often Overlooked Estate Planning Tool
Understanding Estate Tax Portability: 3 Commonly Asked Questions
It used to be quite common for people to come to estate planning attorneys because they were worried about the estate tax. While the estate tax still exists, it is a much less significant concern than it was even a few years ago. This is primarily because of two reasons. First, the estate tax exemption limit has been set fairly high. Second, the exemption limit is effectively doubled for married couples because of a concept known as portability. To better understand estate tax portability and … [Read more...] about Understanding Estate Tax Portability: 3 Commonly Asked Questions
Update on 2013 Estate Tax Law Changes
A key part of the American Taxpayer Relief Act of 2012 (ATRA), the new tax law passed by Congress on January 1st, that was not yet known immediately after the passage of the new law has been released by the Internal Revenue Service. The exact amount of the estate tax exclusion for 2013 has been set at $5.25 million. To understand where this figure comes from you have to go back to the end of 2010 when the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 was … [Read more...] about Update on 2013 Estate Tax Law Changes
How Does Fiscal Cliff Deal Impact Estate Tax?
We have some clarity now with regard to the estate tax parameters for 2013. The lawmakers in Washington were able to reach an 11th hour agreement, and we did not fall over the dreaded "fiscal cliff" after all. This deal did in fact impact the federal estate tax. Under the laws as they existed throughout last year in 2013 the estate tax exclusion was scheduled to go down to $1 million, and the top rate of the tax was set to rise to 55%. This would have been the scenario if we would have fallen … [Read more...] about How Does Fiscal Cliff Deal Impact Estate Tax?
