People are sometimes confused about the way that taxes can impact inheritances. Most folks have heard of the terms “inheritance tax and “estate tax,” and many harbor some misconceptions about them. The first one is the assumption that these are two ways of describing the same tax. This makes total sense on the surface, but in fact, they are two different forms of taxation. Tax Mechanics An estate tax would be applied to the total taxable portion of an estate before it is transferred to the … [Read more...] about Is There a Difference Between an Estate Tax and an Inheritance Tax?
Estate and Inheritance Taxes in Oklahoma
Property Value Increases Can Trigger Estate Tax Exposure
We have seen some dramatic increases in real estate values over recent years. This is a very good thing if you are an investor or individual homeowner. But for some people, the increases activate an estate planning challenge. Federal Estate Tax The federal estate tax carries a 40 percent top rate. At that rate, it can significantly reduce the legacy you pass along to the next generation. That’s the bad news. The good news is the fact that there is currently a robust exclusion. The … [Read more...] about Property Value Increases Can Trigger Estate Tax Exposure
These Two Bills Would Broaden Taxes on Inheritances
Your initial estate plan will be based on a snapshot of your life at the time it is created. Over the years, it will invariably need revisions. There can be additions and subtractions to your family. Your marital status may change. Legislative changes can trigger the need for estate plan updates. Therefore, our recommendations might change. Any combination of these changes may put you in a very different family or financial position. Proposed legislative changes to the tax laws deserve … [Read more...] about These Two Bills Would Broaden Taxes on Inheritances
An Irrevocable Trust Can Ease the Estate Tax Burden
It is very satisfying to achieve all of your financial goals. Consequently, if you have been quite successful from a financial standpoint, you have to be concerned about protecting your legacy. The estate tax is one of many significant factors for high net worth individuals because there is a relatively high estate tax exemption. The exemption (actually called "exclusion" today) is the amount that can be transferred to anyone of your choosing before the estate tax would become … [Read more...] about An Irrevocable Trust Can Ease the Estate Tax Burden
Biden Administration Could Reduce Estate Tax Exclusion
Runoff Elections in Georgia resulted in a Senate controlled by Democrats. Could this impact your Estate Planning? It’s possible. by Steve Hartnett The estate tax exclusion is the amount you can give without facing an estate tax. Under current law, you may give this amount during life or at your death and after that amount is used, you face a federal tax of 40% on assets beyond that amount. The amount has fluctuated a great deal over the years. It was $675,000 as recently as 2001. … [Read more...] about Biden Administration Could Reduce Estate Tax Exclusion
Will You Ever Need to Pay an Inheritance Tax in Oklahoma?
If you inherit property in Oklahoma or are leaving property to a loved one within this state, you should understand the inheritance tax rules in Oklahoma. While the state does not impose an inheritance or estate tax, this does not mean taxes will not be assessed as a result of a death. You should talk with an experienced attorney about how to protect your inheritance or the wealth you are leaving to loved ones and reduce or avoid taxes altogether. Parman & Easterday can provide … [Read more...] about Will You Ever Need to Pay an Inheritance Tax in Oklahoma?
Estate and Inheritance Taxes in Oklahoma – Tax, Strategies, Planning, Goals
Estate and Inheritance Taxes in Oklahoma - Tax, Strategies, Planning, Goals from Larry Parman If you believe your estate might be subject to the federal estate tax, one of the easiest ways to reduce the size of your taxable estate is to give individual lifetime gifts. You can give each person up to $14,000 per year, or $28,000 per year if you are married without incurring a gift tax penalty. Learn more about estate and inheritance taxes in Oklahoma - tax, strategies, planning, … [Read more...] about Estate and Inheritance Taxes in Oklahoma – Tax, Strategies, Planning, Goals
Estate and Inheritance Taxes in Oklahoma – Basic Ideas, Managing Options
Estate and Inheritance Taxes in Oklahoma - Basic Ideas, Managing Options from Larry Parman Tax laws change all the time, but developing an estate plan that addresses tax issues is something everyone can do. In our next presentation we will look at tools to reduce your exposure to taxes that your estate plan might include. Learn more about estate and inheritance taxes in Oklahoma in this presentation. … [Read more...] about Estate and Inheritance Taxes in Oklahoma – Basic Ideas, Managing Options
Not All Powers of Attorney Are the Same
Most people know that a durable power of attorney will protect them from a costly guardianship in the event they become incapacitated. However, not just any document claiming to be a power of attorney will work. A power of attorney may be general or specific, durable or non-durable and cover financial and/or healthcare decisions. Failure to have the correct power of attorney can have devastating consequences. … [Read more...] about Not All Powers of Attorney Are the Same
Free Report: Should I Have a Durable Power of Attorney in Oklahoma?
An incapacity plan will typically include a document called a durable power of attorney. With a durable power of attorney you name an agent or attorney-in- fact to act on your behalf in the event of your incapacitation. Topics covered in this report include: Incapacity is Widespread Guardianship or Conservatorship Durable Powers of Attorney Choosing an Agent Click here to read the whole article or download the PDF. … [Read more...] about Free Report: Should I Have a Durable Power of Attorney in Oklahoma?
