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…
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Caution: This Estate Includes IRD
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…
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It’s Back! – Repeal of the Federal Estate Tax
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…
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