Easy Questions  
Free Legal Documents

Estate Taxes, Gift Taxes and Inheritance Taxes in Abbeville, LA

Estate Taxes, Gift Taxes and Inheritance Taxes in Abbeville, LA


In this world nothing can be said to be certain, except death and taxes.
 
- Benjamin Franklin


With the passage of the American Taxpayer Relief Act of 2013, many federal and state tax rules about Estate Taxes that had been in flux for years appear to be finally settled, at least for now. The majority of estates are still exempt from all state and federal taxes. You may still need to check if beneficiaries may be liable for inheritance tax.

A substantial amount of property can be bequeathed or given out tax -free because most estates have no obligation to pay federal estate tax or gift tax. This federal gift tax is also known as unified gift and estate tax. You can give or leave your property as long as they do not reach the assessed value of 5.34 million as of the year 2014. Assessment of the property's value is done after a person dies to check if $5.34 million tax free limit is exceeded.

In What Circumstances Does an Estate Have to Pay an Estate Tax?

As a general rule, only estates larger than $ 5.34 million have to pay federal estate taxes.

• The personal estate tax exemption. The first $ 5.34 million is exempted from taxes. There are taxes imposed on properties that exceed exemption limit $5.34 million (as of year 2014). This amount is indexed for inflation, so increases in the future are likely. Most estates in the US do not exceed this exemption amount, so that most people can leave their assets and properties to their heirs tax free. Due to the unified gift and estate tax, prior gifts can reduce remaining personal exemption on the estate.


• Marital deduction. Properties left to surviving spouses are exempted from all estate taxes.

• Non-citizen spouses. The marital deduction does not apply to non-citizen spouses; only the personal estate tax exemption for properties left to the non-citizen spouses can be applied. However, your non-citizen spouse can benefit from a special trust, called a "qualified domestic trust" or QDOT. The property is left to the trust, not the spouse. The spouse is the beneficiary of the trust. There must be no other beneficiaries while the spouse is still alive. The spouse would receive income that the trust property generates and these amounts are not subject to estate tax. The QDOT must be established, and the property must be transferred to it, before the estate tax return of the deceased spouse is due. The trustee of the QDOT must be a U.S. citizen or a U.S. corporation such as a bank or trust company.


• Charitable deduction. Properties left to a tax-exempt charity are also free from estate tax.

• Special Rules for Married Couple. When a spouse dies and the estate was not able to use up entire individual tax exemption that they were entitled to, the remaining spouse can add the unused portion of the personal exemption to their estate, when they pass on. That gives the couple twice the total individual tax exemption.

• State estate taxes. Every state unique estate tax laws. Even if your estate is not large enough to owe any federal estate taxes, you may still be liable for state taxes.

Links that may be of interest:

http://money.howstuffworks.com/personal-finance/personal-income-taxes/inheritance-tax.htm
 
Edit, Download, & Print a Free
Louisiana Last Will
Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Page 8
Page 9
Page 10
 
Edit, Download, & Print a Free
Louisiana Power of Attorney
Page 1
Page 2
Page 3
Page 4
Page 5
 
Edit, Download, & Print a Free
Louisiana Premarital
Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Page 8
Page 9
Page 10
Page 11
 
Edit, Download, & Print a Free
Louisiana Living Trust
Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Page 8
Page 9
Page 10
Page 11
Page 12
Page 13
Page 14
Page 15
Page 16
Related Legal Services near Abbeville, LA
Matthews Pillette Law, LLC
406 Pere Megret St.
Abbeville, LA 70510
(337) 740-8828
Attorneys,  Divorce Attorneys,  Mediation Services,  Personal Injury Law Attorneys,  General Practic
Tate George J PLC
6201 Picard Pvt Ln
Abbeville, LA 99999
(337) 893-8335
Attorneys, Civil Litigation & Trial Law Attorneys
Fontana Jr Anthony J
210 N Washington St
Abbeville, LA 70510
(337) 898-8332
Accident & Property Damage Attorneys, Attorneys, Legal Service Plans
Garrot Louis G
110 N Saint Charles St
Abbeville, LA 70510
(337) 893-8111
General Practice Attorneys, Attorneys
Fontenot James E
112 S Saint Charles St
Abbeville, LA 70510
(337) 781-7922
Attorneys, Legal Service Plans
Theall Law Firm
120 Peace St
Abbeville, LA 70510
(337) 893-7142
General Practice Attorneys, Attorneys, Legal Service Plans
Ayo Ted L
104 S Saint Charles St
Abbeville, LA 70510
(337) 893-6372
General Practice Attorneys, Attorneys, Personal Injury Law Attorneys
Ayo Ted L A Professional Law Corp /Atty
104 S Saint Charles St
Abbeville, LA 70510
(337) 893-6372
Personal Injury Law Attorneys, Attorneys, General Practice Attorneys
Dunnung Nancy
407 E Lafayette St
Abbeville, LA 70510
(337) 893-6082
General Practice Attorneys, Attorneys, Legal Service Plans
Touchet Greg
108 S Louisiana St
Abbeville, LA 70510
(337) 893-6000
General Practice Attorneys, Attorneys
Veazey Linda
111 Concord St # C
Abbeville, LA 70510
(337) 893-5076
Attorneys, Family Law Attorneys, Legal Service Plans
Duhon Bernard F Ltd Attorney
111 Concord St
Abbeville, LA 70510
(337) 893-5066
Attorneys
Social Security Law Clinics Of The South, LLC
116 S State St
Abbeville, LA 70510
(888) 773-4722
Social Security & Disability Law Attorneys, Attorneys, Legal Service Plans
Vermilion Parish
407 Charity St
Abbeville, LA 70510
(337) 898-4403
Criminal Law Attorneys, Attorneys
Lemoine Frank E
116 S State St
Abbeville, LA 70510
(337) 893-4382
Attorneys, Legal Service Plans
Bellaire, Bart J
114 E Lafayette St
Abbeville, LA 70510
(337) 893-2884
Attorneys,  Family Law Attorneys,  Divorce Attorneys,  Business Law Attorneys,  Real Estate Attorney
Frederick Stephen L
119 Concord St
Abbeville, LA 70510
(337) 740-2788
Attorneys, Legal Service Plans
Funderburk & Herpin /Attys
207 N Main St
Abbeville, LA 70510
(337) 893-2405
General Practice Attorneys, Attorneys
LaFleur J Ricky
120 S State St
Abbeville, LA 70510
(337) 893-2030
Attorneys, Family Law Attorneys, Legal Service Plans
Broussard Bart A
209 E Saint Victor St
Abbeville, LA 70510
(337) 893-1705
Attorneys, Legal Service Plans
Young Adam
111 Concord St
Abbeville, LA 70510
(337) 740-0852
Bankruptcy Law Attorneys, Attorneys
Burton P. Guidry and Associates
111 Concorde Street
Abbeville, LA 70510
(337) 740-0834
Personal Injury Law Attorneys, Criminal Law Attorneys
Summers Preston M Atty
202 Charity St
Abbeville, LA 70510
(337) 893-0169
General Practice Attorneys, Attorneys
Erath Sugar Co
111 S State St
Abbeville, LA 70510
(337) 898-0111
Attorneys
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US