1. Federal Estate Tax exemption now permanently increased so no tax for Estates under $5,340,000., and will be adjusted annually for inflation. However, New Jersey taxes estates over $675,000. 2. Gifts permitted without Federal Estate & Gift tax was increased to $14,000 per person. 3. We recommend Self- Proving Wills since witnesses often move or pass away
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.
See How the Federal Estate Exemption Has Changed Since 1997
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.
Portability: What is it and what can it do for you? Portability allows any unused federal estate tax exemption to be “ported” over to your surviving spouse, which increases that spouse’s federal exemption amount.
Edith Windsor sued the United States Government after being denied federal estate tax exemption as a surviving spouse - an exemption that cost her over $363k in federal taxes. June 26, 2013, the U.S. Supreme Court ruled that section three of the "Defense of Marriage Act" (DOMA) is unconstitutional and that the federal government cannot discriminate against married lesbian and gay couples for the purposes of determining federal benefits and protections. -source aclu.org
https://www.youtube.com/watch?v=MnHOteqz2eE What is the "Death Tax" and how could it effect you? The Death Tax is actually the federal estate tax. Congress recently moved the tax exemption level to over five million dollars. This means that if you have an estate worth more than about five million dollars when you pass away, there might be a tax on your estate. Call us at (913) 262-2000 or contact us on our website if you have any questions.