Easy Questions  
Free Legal Documents

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

Estate Taxes, Gift Taxes and Inheritance Taxes in Attica, 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 Attica, KS
Colgan Law Firm
11006 Parallel Pkwy Ste 202
Kansas City, KS 66109
(913) 721-9999
Divorce Attorneys, Attorneys
Consumer Law Center PA
3706 SW Topeka Blvd
Topeka, KS 66609
(785) 266-9920
Divorce Attorneys,  Attorneys,  Family Law Attorneys,  General Practice Attorneys
Tonkin Jeffrey B Atty
11904 Mohawk Ln
Leawood, KS 66209
(913) 491-9410
Attorneys
Gaughan Cundiff Herman & Connealy
6731 W 121st St Ste 210
Leawood, KS 66209
(913) 498-9146
Accident & Property Damage Attorneys,  Attorneys,  Real Estate Attorneys,  Personal Injury Law Attor
Colgan Law Firm LLC
11006 Parallel Pkwy Ste 202
Kansas City, KS 66109
(913) 730-9082
Attorneys,  Personal Injury Law Attorneys,  Criminal Law Attorneys,  DUI & DWI Attorneys,  Family La
Robert R Laing Jr
2100 Hutton Rd
Kansas City, KS 66109
913-284-0186
Attorneys,  Criminal Law Attorneys,  Divorce Attorneys,  General Practice Attorneys,  Insurance,  Le
Michael J Studtmann P.A.
6235 W Kellogg Dr
Wichita, KS 67209
(316) 942-8400
Personal Injury Law Attorneys, Attorneys, Criminal Law Attorneys
Robert R Laing Jr
2100 Hutton Rdste 102
Kansas City, KS 66109
(913) 815-8347
Attorneys, Criminal Law Attorneys, Family Law Attorneys, Divorce Attorneys, General Practice Attorne
Minihan Shawn E
3706 SW Topeka Blvd # 300
Topeka, KS 66609
(785) 267-6444
Attorneys, General Practice Attorneys
Kathleen A Harvey
7011 W 121st St Ste 102
Leawood, KS 66209
(913) 491-6331
Attorneys
Harvey Law Firm
7011 W 121st. Ste. 102 , Overland Park
Leawood, KS 66209
(913) 491-6331
Immigration Law Attorneys
Wendy Marvin Law Office
6731 W 121st St
Leawood, KS 66209
(913) 312-5660
Attorneys, General Practice Attorneys, Legal Service Plans
Uzo L. Ohaebosim
6235 W. Kellogg
Wichita, KS 67209
(316) 261-5400
Consumer Law Attorneys,  Accident & Property Damage Attorneys,  Civil Litigation & Trial Law Attorne
Williamson Law Firm, LLC
6235 W. Kellogg
Wichita, KS 67209
(316) 261-5400
Accident & Property Damage Attorneys,  Civil Litigation & Trial Law Attorneys,  Personal Injury Law
John F Michaels Chartered
4252 W 124th Ter
Leawood, KS 66209
(913) 663-4455
Attorneys, Legal Service Plans
Carroll Michele I
4252 W 124th Ter
Leawood, KS 66209
(913) 663-4455
Attorneys
Harvey & Caldwell, PA
7011 W 121st St Ste. 201
Leawood, KS 66209
(913) 451-4400
Accountants-Certified Public,  Tax Return Preparation,  Accounting Services,  Tax Return Preparation
Smith Ronald D
3706 SW Topeka Blvd
Topeka, KS 66609
(785) 266-4220
Attorneys
Kreamer Karen
12616 Juniper Cir
Leawood, KS 66209
(913) 469-4066
Attorneys
Snyder Law Firm
13401 Mission Rd Ste 207
Leawood, KS 66209
(913) 685-3900
Attorneys, General Practice Attorneys, Legal Service Plans
Shalton Solutions
12008 Overbrook Rd
Leawood, KS 66209
(913) 663-3318
Attorneys
Elkins Marc E
13020 El Monte St
Leawood, KS 66209
(913) 897-2857
Attorneys
Fowler Law Firm
6740 W 121st St # 300
Leawood, KS 66209
(913) 498-2800
Attorneys, General Practice Attorneys, Legal Service Plans
Mccauley James
10673 166th Rd
Mayetta, KS 66509
(785) 966-2341
Attorneys
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US