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 92066

Estate Taxes, Gift Taxes and Inheritance Taxes in Zip Code 92066


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 CA 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 92066
Guthrie, John A. Law Offices
239 Main St Suite H
Pleasanton, CA 94566
(925) 461-9898
Attorneys,  Divorce Attorneys,  Legal Clinics,  Real Estate Attorneys
Nelson Law Group
900 Cherry Ave Ste 300
San Bruno, CA 94066
(415) 702-9869
Corporation & Partnership Law Attorneys, Attorneys, Labor & Employment Law Attorneys, Legal Service
Carlson & Johnson LLP
472 S Glassell St
Orange, CA 92866
(714) 289-9818
Accident & Property Damage Attorneys, Attorneys, Legal Service Plans
Casey Timothy R
850 E Chapman Ave Ste D
Orange, CA 92866
(714) 288-9800
Attorneys, Legal Service Plans, General Practice Attorneys
Stothers David E
850 E Chapman Ave
Orange, CA 92866
(714) 288-9688
Attorneys, General Practice Attorneys
John T. Chamberlin
699 Peters Ave
Pleasanton, CA 94566
(925) 485-9666
Attorneys, Family Law Attorneys, Divorce Attorneys
Karen Beckman
1107 E Chapman Ave
Orange, CA 92866
(714) 628-9614
Divorce Attorneys,  Attorneys,  Family Law Attorneys,  Legal Service Plans
Leversen Carol & Lisa C-
1107 E Chapman Ave # 100
Orange, CA 92866
(714) 939-9390
Attorneys, General Practice Attorneys, Legal Service Plans
Divorce Mediation Works
868 Manhattan Beach Blvd
Manhattan Beach, CA 90266
(310) 545-9350
Family Law Attorneys, Divorce Assistance, Attorneys
Bauer & Associates
160 S Cypress St
Orange, CA 92866
(714) 997-9310
Civil Litigation & Trial Law Attorneys
James D Perry
369 S Glassell St
Orange, CA 92866
(714) 633-9234
Attorneys, Estate Planning Attorneys
Access Legal Group A PLC
1500 Rosecrans Ave Ste 500
Manhattan Beach, CA 90266
(310) 536-9202
Attorneys, Legal Service Plans, Child Custody Attorneys
Immigration & Tax Svc
620 S Garey Ave
Pomona, CA 91766
(909) 469-9150
Immigration Law Attorneys, Immigration & Naturalization Consultants, Attorneys
David Paquin
1145 Artesia Blvd Ste 207
Manhattan Beach, CA 90266
(888) 816-9136
Attorneys,  Legal Service Plans,  Criminal Law Attorneys,  DUI & DWI Attorneys
Kurtzman & Carson PC
5301 Beethoven St
Los Angeles, CA 90066
(310) 823-9120
Business Bankruptcy Law Attorneys,  Bankruptcy Services,  Attorneys,  Bankruptcy Law Attorneys
Lisa D. Wills
555 Peters Ave Suite 115
Pleasanton, CA 94566
(925) 463-9000
Attorneys, Business Law Attorneys, Construction Law Attorneys
PWP Legal Secretarial
2368 Lincoln St
Oroville, CA 95966
(530) 534-8973
Attorneys Support & Service Bureaus, Process Servers, Legal Forms, Attorneys, Paralegals
Prince Thos Attorney
399 W Mission Blvd
Pomona, CA 91766
(909) 620-8933
General Practice Attorneys, Attorneys
Ircc
1408 W Main St
Ripon, CA 95366
(209) 599-8400
Immigration Law Attorneys, Attorneys, Immigration & Naturalization Consultants
Legal Motion
PO Box 5746
Oroville, CA 95966
(530) 534-8346
Attorneys Support & Service Bureaus, Attorneys
Joni S. Ackerman
1334 Parkview Avenue, Ste 100
Manhattan Beach, CA 90266
(310) 546-8175
Probate Law Attorneys, Estate Planning, Probate, & Living Trusts, Wills, Trusts & Estate Planning At
Kb Ash Law Group
5674 Sonoma Dr
Pleasanton, CA 94566
(925) 223-8157
Corporation & Partnership Law Attorneys, Attorneys
Abogado Gomez
851 Cherry Ave 27/100
San Bruno, CA 94066
(408) 375-8135
Labor & Employment Law Attorneys, Attorneys
Brooks Francesca M
1334 Park View Ave
Manhattan Beach, CA 90266
(310) 546-8128
General Practice Attorneys, Attorneys, Legal Service Plans
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US