Easy Questions  
Free Legal Documents

Estate Taxes, Gift Taxes and Inheritance Taxes in Altamonte Springs, FL

Estate Taxes, Gift Taxes and Inheritance Taxes in Altamonte Springs, FL


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 FL 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 FL 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 Altamonte Springs, FL
Jan S. McLaughlin, Esquire
445 Douglas Ave Suite 2205
Altamonte Springs, FL 32714
(407) 774-9620
Bankruptcy Law Attorneys
Andrade Octavio D PA
151 Wymore Rd Ste 5250
Altamonte Springs, FL 32714
(407) 339-9455
Criminal Law Attorneys, Attorneys
Blaher Neal J Law Office
706 Turnbull Ave
Altamonte Springs, FL 32701
(888) 652-9098
Franchise Law Attorneys,  Arbitration & Mediation Attorneys,  Patent, Trademark & Copyright Law Att
Elkins & Freedman
283 Cranes Roost Blvd
Altamonte Springs, FL 32701
(866) 963-9086
Attorneys,  Family Law Attorneys,  Divorce Attorneys,  Bankruptcy Services,  Bankruptcy Law Attorney
The Law Offfice of I. Michael Tucker, P.L.C.
498 Palm Springs Dr Suite 100
Altamonte Springs, FL 32701
(407) 977-8836
Elder Law Attorneys
Murphy & Berglund, P
1111 Douglas Ave
Altamonte Springs, FL 32714
(407) 575-8041
Wills, Trusts & Estate Planning Attorneys, Attorneys, Family Law Attorneys, Elder Law Attorneys, Ban
The Grosshans Group, P.L.
380 S State Road 434 Suite 1004-157
Altamonte Springs, FL 32714
(407) 284-7745
Criminal Law Attorneys
Kenneth J Thomas Esquire
554 Calibre Crest Pkwy
Altamonte Springs, FL 32714
(407) 388-7711
Accident & Property Damage Attorneys, Attorneys, Legal Service Plans
Steiner, Lawrence R. PA
797 Douglas Ave
Altamonte Springs, FL 32714
(407) 774-7500
Real Estate Attorneys, Attorneys, Probate Law Attorneys, Real Estate Title Service, Wills, Trusts &
Pflueger Robert H
377 Maitland Ave
Altamonte Springs, FL 32701
(877) 629-7330
Attorneys, Legal Service Plans, Bankruptcy Law Attorneys
Robert H. Pflueger
377 Maitland Ave Suite 1002
Altamonte Springs, FL 32701
(877) 629-7330
Bankruptcy Law Attorneys, Attorneys, Credit & Debt Counseling, Debt Adjusters, Bankruptcy Services,
Russell H Law
1110 Douglas Ave # 2030
Altamonte Springs, FL 32714
(407) 459-7298
Attorneys,  Family Law Attorneys,  Divorce Attorneys,  Arbitration Services,  Arbitration & Mediatio
Copeland & Covert PLLC Attorneys
631 Palm Springs Dr
Altamonte Springs, FL 32701
(407) 830-7220
Attorneys, Wills, Trusts & Estate Planning Attorneys, Family Law Attorneys
Clark & Washington PC
101 Wymore Rd Ste 100
Altamonte Springs, FL 32714
(407) 896-7133
Attorneys,  General Practice Attorneys,  Legal Service Plans,  Bankruptcy Law Attorneys
Sonner Craig A
108 Robin Rd
Altamonte Springs, FL 32701
(407) 260-6853
Attorneys Referral & Information Service,  Attorneys,  Criminal Law Attorneys,  Legal Service Plans
Michael B Brehne Law Offices
230 N Westmonte Dr # 1000
Altamonte Springs, FL 32714
(407) 682-6808
Attorneys,  Accident & Property Damage Attorneys,  General Practice Attorneys,  Legal Service Plans
One Senior Place
715 Douglas Avenue
Altamonte Springs, FL 32714
(407) 949-6733
Assisted Living & Elder Care Services, Elder Law Attorneys, Insurance Referral & Information Service
Leider, Lance O.
1101 Douglas Ave
Altamonte Springs, FL 32714
(407) 331-6620
Medical Law Attorneys, Attorneys
The Health Law Firm
1101 Douglas Ave
Altamonte Springs, FL 32714
(407) 331-6620
Insurance Attorneys, Attorneys, Legal Service Plans, Medical Law Attorneys
Smeyne A. Marissa
1101 Douglas Ave
Altamonte Springs, FL 32714
(407) 331-6620
Medical Law Attorneys, Attorneys
Brown E. Christopher
1101 Douglas Ave
Altamonte Springs, FL 32714
(407) 331-6620
Medical Law Attorneys, Attorneys
Kenna, Joanne
1101 Douglas Ave
Altamonte Springs, FL 32714
(407) 331-6620
Insurance Attorneys, Attorneys, Medical Law Attorneys, Legal Service Plans
George F Indest III
1101 Douglas Ave
Altamonte Springs, FL 32714
(407) 331-6620
Medical Law Attorneys, Attorneys, Legal Service Plans
Motsinger Law & Mediation
705 Douglas Ave
Altamonte Springs, FL 32714
(407) 505-6598
Mediation Services,  Attorneys,  Family Law Attorneys,  Divorce Attorneys,  Arbitration Services
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US