If you’re married, a trust can serve as an invaluable tax planning tool. Your revocable living trust can put into place a shelter after your death so that your surviving spouse can incorporate the estate tax exemption for both of you – which, of course, doubles the amount that’s safe from taxes.
One of the primary estate planning concerns for most clients is estate taxes. Indeed, for most people, the main goal of their estate plan is to reduce or eliminate Texas estate tax, if at all possible. The federal estate tax rate is 40%, however, there is an estate tax exemption available. While Texas no longer [ ] The post Answers to Your Questions about the Estate Tax appeared first on Vermillion Law Firm LLC.
The exemption from federal estate taxes has gradually increased over the years while the estate tax rate has gradually decreased. Here you will find a chart that shows the increases in the exemption and decreases in the tax rate from 1997 through 2015.