Easy Questions  
Free Legal Documents

Estate Taxes, Gift Taxes and Inheritance Taxes in Abbyville, KS

Estate Taxes, Gift Taxes and Inheritance Taxes in Abbyville, KS


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
 
Personalize & Print a Free KS Last Will Download this Document
Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Page 8
Page 9
Page 10
 
Personalize & Print a Free KS Premarital Download this Document
Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Page 8
Page 9
Page 10
Page 11
Related Legal Services near Abbyville, KS
Total Attorneys - Divorce
273905 SW Wood View Dr
Topeka, KS 66610
(785) 201-9922
Divorce Attorneys,  Attorneys,  Family Law Attorneys,  Legal Service Plans
Collaborative Divorce Ks City
8686 College Blvd
Overland Park, KS 66210
(913) 451-9876
Attorneys
Gladstone Lois A
8005 W 115th St
Overland Park, KS 66210
(913) 345-9848
Attorneys, Small Business Attorneys, Labor & Employment Law Attorneys
Weaver Tracy
7500 College Blvd
Overland Park, KS 66210
(913) 906-9830
Attorneys, Legal Service Plans
Campbell Todd
7500 College Blvd # 900
Overland Park, KS 66210
(913) 906-9820
Attorneys, Legal Service Plans
Renkemeyer Troy
7500 College Blvd # 900
Overland Park, KS 66210
(913) 906-9810
Attorneys, Legal Service Plans
Rajala Eric C
11900 College Blvd Ste 341
Overland Park, KS 66210
(913) 339-9806
Attorneys, General Practice Attorneys, Legal Service Plans
RCW Law
10975 Benson St # 570
Overland Park, KS 66210
(913) 906-9800
Attorneys, Legal Service Plans
Smithyman & Zakoura
7400 W 110th St # 750
Overland Park, KS 66210
(913) 661-9800
Attorneys, General Practice Attorneys
Zakoura James P
7400 W 110th St # 750
Overland Park, KS 66210
(913) 661-9800
Attorneys, Insurance, Legal Service Plans, General Practice Attorneys
Naibert Robert W Atty
7400 W 110th St
Overland Park, KS 66210
(913) 661-9800
Attorneys
Mobile Paralegal Service
11734 Garnett St
Overland Park, KS 66210
(913) 223-9768
Paralegals
R Michael Latimer Law Offices
11011 King St
Overland Park, KS 66210
(913) 661-9700
Attorneys, General Practice Attorneys
Hagen Law Offices
10801 Mastin St # 110
Overland Park, KS 66210
(913) 236-9696
Attorneys, General Practice Attorneys, Legal Service Plans
Norton Hare
9200 Indian Creek Pkwy # 450
Overland Park, KS 66210
(913) 906-9633
Attorneys, General Practice Attorneys
Hare Lindsay A Atty
9200 Indian Creek Pkwy
Overland Park, KS 66210
(913) 906-9633
Attorneys
Allmayer Daniel N
9393 W 110th St # 500
Overland Park, KS 66210
(913) 768-9557
Attorneys
Robert J Valcrum Attorney
10990 Quivira Rd Ste 200
Overland Park, KS 66210
(913) 948-9400
Attorneys
Long Luder & Gordon PA
9401 Indian Creek Pkwy # 800
Overland Park, KS 66210
(913) 491-9300
Attorneys, Legal Service Plans
Telhorst & Associates
11225 College Blvd
Overland Park, KS 66210
(913) 322-9169
Attorneys, Legal Service Plans
Renkemeyer Law Firm
10975 Benson St Suite 570
Overland Park, KS 66210
(855) 792-9076
Tax Attorneys,  Attorneys,  Family Law Attorneys,  Divorce Attorneys,  Legal Service Plans
Hovey Williams LLP
10801 Mastin St Ste.1000 84 Corporate Woods
Overland Park, KS 66210
(913) 647-9050
Attorneys, Patent Agents, Patent, Trademark & Copyright Law Attorneys
Adam Mack - Bankruptcy
3735 SW Wanamaker Rd Suite A
Topeka, KS 66610
(785) 274-9040
Credit & Debt Counseling,  Foreclosure Services,  Financial Services,  Bankruptcy Services,  Bankrup
Oliver & Reichel PA
11020 King St Ste 215
Overland Park, KS 66210
(913) 498-8814
Accident & Property Damage Attorneys,  Personal Injury Law Attorneys,  Attorneys,  Medical Malpracti
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US