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
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.
By Erica Fitzgerald, Esq., Littman Krooks LLP The American Taxpayer Relief Act of 2012 (“ATRA”), enacted in January 2013, made changes to the laws governing Federal estate and gift taxes. Specifically, the Federal estate and gift tax exemption amount was set at $5,000,000, and provides for annual increases to account for inflation. As a result, as few as 1% of estates are expected to owe Federal taxes. In 2015, the Federal estate and gift tax exemption is $5,430,000 for individuals, up from…
Is There a Federal Estate Tax | Law Offices of John W Callinan A new year is upon us. Another year is passing. So I thought it was a good time to write about death. Well, more specifically, the tax associated with death. Most years, the federal government raises the applicable exemption amount against #federalestatetax. http://www.eldercarelawyer.com/blog/2015/12/is-there-a-federal-estate-tax/ #EstatePlanning #NJ