The federal estate tax is potentially applicable on asset transfers to anyone other than your spouse. It is possible to use the unlimited marital deduction to transfer any amount of property to your spouse free of the death tax. There is a gift tax that exists to stop people from giving gifts in an effort to avoid the estate tax. This unlimited marital deduction also applies to lifetime gift giving. The estate tax exclusion is $5.43 million. This is the amount you could transfer to anyone … [Read more...] about Estate Tax: Citizenship Can Be a Factor
The acronym QTIP may conjure certain images outside of an estate planning context. For our purposes as estate planning attorneys, the acronym stands for a qualified terminable interest property trust. This type of trust can be useful if you are a parent who is getting remarried. Protecting Your Children If you are getting remarried as a parent, you may have estate planning concerns. Clearly, you want to make sure that you provide resources for your new spouse to draw from after you are gone if … [Read more...] about What Is a QTIP Trust?
Some people think that an inheritance tax and an estate tax are the same thing, but there are differences. As we stated previously, and estate tax is levied on the entirety of the non-exempt portion of an estate. Topics covered in this report include: Federal Estate Tax Inheritance Tax State-Level Estate Tax Income Tax Capital Gains Tax Insurance Policy Proceeds Click here to read the whole article or download the PDF. … [Read more...] about Free Report: Do I Pay Taxes in Northern California When Someone Leaves Me Money