According to a recent article that is appearing on the Forbes website, the White House has just released its proposed 2015 budget. Some of the provisions are very relevant for those who are exposed to the federal estate tax and the gift tax. … [Read more...] about 2015 Budget Proposal Would Impact Estate Tax
Charitable giving can be a very valuable part of your estate plan. There are thousands of charities out there that could use a boost, but if you're wise you will do your research before making any knee-jerk decisions. If you're like most people you want your money to do the maximum amount of good. You may be drawn to a particular cause or institution for one reason or another, but you don't know if this entity is efficiently using its resources unless you do the research. … [Read more...] about Charitable Giving: Do Your Research
When you receive an inheritance you may wonder if you have to report this influx of money to the IRS as income on your annual tax return. In general, the answer is no, an inheritance would not be taxable. However, the appreciation on inherited property would potentially be taxable. You should discuss this subject with an estate planning attorney if you are inheriting appreciable assets. Even though you are not required to pay income taxes on inheritances, taxes can be a factor. … [Read more...] about Do I Pay Taxes When Someone Leaves Me Money?
Most people have heard of the federal estate tax, but there is also a federal gift tax. These two taxes on asset transfers are said to be unified by the Internal Revenue Service. What does this Oklahoma unified transfer tax exclusion entail? For one thing, the estate tax exclusion is unified with the gift tax exclusion. The total exclusion for 2013 is $5.25 million. You can transfer this amount during your lifetime or upon your death free of any transfer taxes. Anything you give above this … [Read more...] about Federal Unified Transfer Tax Exclusion: Should You Use It During Your Lifetime?
The financial news cycles were dominated by the prospect of the country going over the dreaded "fiscal cliff" as the New Year approached. This abyss, as it were, involved automatic spending cuts and tax increases. The estate tax would have been increased if no deal was reached to avoid going over this precipice. The maximum rate of the tax would've been 55%, and the exclusion would have been just $1 million. There is an impression out there about the estate tax. Some people view it as … [Read more...] about Farmers, Ranchers Benefit From American Taxpayer Relief Act of 2012
The goal for many is financial success. Of course, the fruition of this goal will lead to significant rewards. However, quite ironically there are potential penalties that go along with these rewards. When we are talking about penalties we are referring to federal transfer taxes. Though the powers that be would not technically define these taxes as penalties, many can't help but see it that way. … [Read more...] about What Do You Know About Transfer Taxes?
The federal estate tax can cut into your family's financial future considerably. The maximum rate of the tax has gone up to 40% this year, and the exclusion sits at $5.25 million. What this means is that the portion of your estate that exceeds $5.25 million is potentially taxable. We say "potentially" because there are steps that you can take to decrease your estate tax liability. … [Read more...] about Ease Estate Tax Burden With ILIT
The federal estate tax is very much a factor for high net worth individuals and their families. In 2012 the estate tax exclusion sits at $5.25 million, and the top rate of the tax is 40 percent. This means that anything that you leave behind that exceeds $5.25 million could be shaved down considerably if you don't do anything to gain estate tax efficiency. … [Read more...] about Unlimited Marital Deduction & Qualified Domestic Trusts
Some people are insensitive to the damage that can be caused by the estate tax because they are not exposed. The estate tax exclusion is $5.25 million at the current time. If the value of your estate does not exceed this amount you may not give the estate tax much thought. … [Read more...] about Estate Taxes and Lottery Winnings
When you have been successful throughout your life you may recognize the fact that you have the ability to do some amazing things for your family when the time is right. This is where intelligent estate planning comes into play. … [Read more...] about Estate Tax Planning: What’s Your Net Worth?