12Law Arrow 12Law Arrow  Easy Questions  
12Law Arrow 12Law Arrow Instant Legal Documents
 
 
FINANCIAL & MARITAL

Cohabitation Agreement coming soon!
Separation Agreement coming soon!
No-Fault Divorce coming soon!
Bankruptcy coming soon!
 
 

Estate Taxes, Gift Taxes and Inheritance Taxes in Zip Code 85254

Estate Taxes, Gift Taxes and Inheritance Taxes in Zip Code 85254


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, many federal and state tax rules about Estate Taxes appear to be finally settled. The majority of estates are still exempt from all state and federal taxes.

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 AZ Last Will Create This Document
Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Page 8
Page 9
Page 10
Related Legal Services near Zip Code 85254
Kelly Law Firm
13430 N Scottsdale Rd Ste 106
Scottsdale, AZ 85254
(480) 331-9397
General Practice Attorneys, Attorneys
Vakula Nick
5020 E Shea Blvd
Scottsdale, AZ 85254
(480) 905-9114
Attorneys, General Practice Attorneys
Mengedoth Paul
14646 N Kierland Blvd # 140
Scottsdale, AZ 85254
(480) 778-9100
Attorneys, General Practice Attorneys, Legal Service Plans
Hymson Goldstein & Pantiliat, PLLC
16427 N Scottsdale Rd Ste 300
Scottsdale, AZ 85254
(480) 991-9077
Attorneys, Legal Service Plans
Braun Bradley S
14811 N Kierland Blvd Ste 500
Scottsdale, AZ 85254
(480) 951-8044
Attorneys, Legal Service Plans
Kruzel Gregory M
14811 N Kierland Blvd # 500
Scottsdale, AZ 85254
(480) 951-8044
Attorneys
Sherman & Howard
7047 E Greenway Pkwy Ste 155
Scottsdale, AZ 85254
(480) 443-6900
Estate Planning Attorneys,  Attorneys,  Tax Attorneys,  Business Law Attorneys,  Real Estate Attorne
Gaertner John
6920 E Shea Blvd # 203
Scottsdale, AZ 85254
(480) 991-6646
Attorneys, Family Law Attorneys, Legal Service Plans
Zimmerman Reed
14646 N Kierland Blvd # 145
Scottsdale, AZ 85254
(480) 348-6400
Attorneys
Victor Jeffrey L PC
5425 E Bell Rd
Scottsdale, AZ 85254
(888) 926-6380
Medical Law Attorneys, Nursing Home Litigation Attorneys, Attorneys
Bacal Glenn S
16427 N Scottsdale Rd
Scottsdale, AZ 85254
(602) 262-5916
Attorneys
Eichler Peter M
16427 N Scottsdale Rd Ste 300
Scottsdale, AZ 85254
(602) 262-5911
Attorneys
Fergus Donald E
16427 N Scottsdale Rd
Scottsdale, AZ 85254
(602) 269-5911
Attorneys
Zimmerman Douglas C
16427 N Scottsdale Rd Ste 300
Scottsdale, AZ 85254
(602) 262-5911
Attorneys
Brnilovich David
16427 N Scottsdale Rd
Scottsdale, AZ 85254
(602) 262-5898
Attorneys
Olexa Garrett J
16427 N Scottsdale Rd
Scottsdale, AZ 85254
(602) 262-5863
Attorneys
Bar Urness, PLC
14901 N. Scottsdale Road Ste 302
Scottsdale, AZ 85254
(480) 718-5803
Attorneys
Snader Howard A Law Offices
12802 N Scottsdale Rd
Scottsdale, AZ 85254
(480) 588-5699
General Practice Attorneys, Legal Service Plans, Attorneys
Sharp Roger
14850 N Scottsdale Rd
Scottsdale, AZ 85254
(480) 584-5681
Attorneys, General Practice Attorneys
Gorman & Jones, PLC
14850 N Scottsdale Rd Ste 355
Scottsdale, AZ 85254
(623) 974-5585
Estate Planning Attorneys, Attorneys, Probate Law Attorneys, Wills, Trusts & Estate Planning Attorne
Manning & Marder Kass Ellrod
6909 E Greenway Pkwy # 200
Scottsdale, AZ 85254
(480) 477-5269
Attorneys, Legal Service Plans
Sonoran Law Group
16427 N Scottsdale Rd Ste 410
Scottsdale, AZ 85254
(602) 387-5200
Attorneys,  Criminal Law Attorneys,  Accident & Property Damage Attorneys,  Legal Service Plans
Jennings Strouss
16427 N Scottsdale Rd
Scottsdale, AZ 85254
(480) 874-4700
Attorneys
Pearlstein Law Office
4835 E Cactus Rd Ste 333
Scottsdale, AZ 85254
(602) 482-4545
Attorneys, General Practice Attorneys, Legal Service Plans
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US