Easy Questions  
Free Legal Documents

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

Estate Taxes, Gift Taxes and Inheritance Taxes in Admire, 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 Admire, KS
Haynes Charles R
1910 18th St
Great Bend, KS 67530
(620) 792-8855
Attorneys, Legal Service Plans
Kaufman & Horner Chtd
1910 18th St
Great Bend, KS 67530
(620) 793-8476
Attorneys, Legal Service Plans
McVay James M
1321 Main St
Great Bend, KS 67530
(620) 792-8231
Attorneys, General Practice Attorneys
Rondeau Mark A
1321 Main St # 300
Great Bend, KS 67530
(620) 792-8231
Attorneys, General Practice Attorneys
Rondeau, Mark A - Watkins Calcara
1321 Main St # 300
Great Bend, KS 67530
(620) 792-8231
Attorneys,  General Practice Attorneys,  Probate Law Attorneys,  Accident & Property Damage Attorney
Shepard Christopher J
1321 Main St
Great Bend, KS 67530
(620) 792-8231
Attorneys, Legal Service Plans
Friedeman Richard L
1321 Main St # 300
Great Bend, KS 67530
(620) 792-8231
Attorneys, General Practice Attorneys
Glendenning, Allen G - Watkins Calcara
1321 Main St # 300
Great Bend, KS 67530
(620) 792-8231
Attorneys,  Labor & Employment Law Attorneys,  Civil Litigation & Trial Law Attorneys,  Discriminati
Horner John
1910 18th St
Great Bend, KS 67530
(620) 793-7874
Attorneys, Legal Service Plans
Carpenter M
1007 Williams St
Great Bend, KS 67530
(620) 793-7817
Attorneys
Keenan Law Firm PA
2200 Lakin Ave # B
Great Bend, KS 67530
(620) 793-7811
Attorneys,  Criminal Law Attorneys,  Wills, Trusts & Estate Planning Attorneys,  DUI & DWI Attorney
Berscheidt Thomas J
2107 Forest Ave
Great Bend, KS 67530
(620) 792-7777
Attorneys, Legal Service Plans
Keenan Martin J Atty
3600 23rd St
Great Bend, KS 67530
(620) 793-7612
Attorneys, Legal Service Plans
Vega Law Offices LLC
510 W Main Street, Suite A
Gardner, KS 66030
(913) 856-7596
Family Law Attorneys, Tax Attorneys, Divorce Attorneys, Probate Law Attorneys, Estate Planning Attor
Jackson Joel B
2018 Forest Ave
Great Bend, KS 67530
(620) 792-7452
General Practice Attorneys, Attorneys
Johnson Steven E
1310 Kansas Ave
Great Bend, KS 67530
(620) 793-7239
Attorneys
Bauer Greg L
1310 Kansas Ave
Great Bend, KS 67530
(620) 793-7239
Attorneys, General Practice Attorneys, Legal Service Plans
Pike Charles R
1310 Kansas Ave
Great Bend, KS 67530
(620) 793-7239
Attorneys, Legal Service Plans
Mark D Lewis
212 E Main St
Gardner, KS 66030
(913) 856-6600
General Practice Attorneys, Attorneys
Huelskamp Terrance
550 N 159th St E # 104
Wichita, KS 67230
(316) 733-6446
Attorneys, Legal Service Plans
Berkley Deborah
1314 Kansas Ave
Great Bend, KS 67530
(620) 603-6314
Attorneys
Angelo Law Office
550 N 159th St E # 205
Wichita, KS 67230
(316) 239-6005
Attorneys, Corporation & Partnership Law Attorneys, Legal Service Plans
Glenn Opie Law Offices
2015 Forest Ave # 102
Great Bend, KS 67530
(620) 793-5455
Attorneys, General Practice Attorneys, Legal Service Plans
Brown, Isern & Carpenter
1909 Lakin Ave
Great Bend, KS 67530
(620) 792-5388
Probate Law Attorneys,  Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  Bankruptcy Law A
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US