Many people believe that gifting a personal residence to their children will help reduce their estate taxes. However, because the federal estate-tax exclusion amount is currently set so high ($5,340,000 in 2014), very few people can expect to have federally taxable estates. As a result, unless state estate taxes are a concern, the smart tax move …
Gifting a Personal Residence – Tax Saver or Tax Folly? Read More »
Caution: This Estate Includes IRD, here\’s a fictional story you may find interesting if you\’re planning your estate. Ted’s Tale Ted was a successful executive. He had a large estate when he died, all of which he left to his two children, Tina and Tom. Under Ted’s estate plan, Tina will receive land valued at …
It\’s Back – Repeal of the Federal Estate Tax, as widely anticipated, the \”repeal\” of the federal estate tax has proven to be short-lived. And there are some new wrinkles in our transfer-tax laws, courtesy of the 2010 Tax Relief Act. Here\’s what you need to know. 2010 Estates Tax Rates Taxpayers inheriting assets from individuals …
