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 94970

Estate Taxes, Gift Taxes and Inheritance Taxes in Zip Code 94970


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 94970
Germain Law
945 Morning Star Dr
Sonora, CA 95370
(209) 536-9577
Attorneys, Real Estate Attorneys, Bankruptcy Law Attorneys
Borden Mark -
86 S Green St
Sonora, CA 95370
(209) 536-9535
Attorneys,  Drug Charges Attorneys,  Criminal Law Attorneys,  Sex Offense Attorneys,  Family Law Att
Western Pacific Company
9041 Valley Blvd
Rosemead, CA 91770
(626) 287-9476
Paralegals, Legal Document Assistance
Chou Steven
14111 Freeway Dr # 300
Santa Fe Springs, CA 90670
(562) 407-9333
Attorneys, Probate Law Attorneys, Wills, Trusts & Estate Planning Attorneys, General Practice Attorn
Peterson Rollie
2377 Gold Meadow Way
Gold River, CA 95670
(916) 635-9300
General Practice Attorneys, Attorneys
Browne Kathie
41750 Rancho Las Palmas Dr # L-6
Rancho Mirage, CA 92270
(760) 837-9292
Corporation & Partnership Law Attorneys, Attorneys, Business Law Attorneys
Smith Maurice B
11231 Gold Express Dr
Gold River, CA 95670
(916) 438-9167
Attorneys,  Wrongful Death Attorneys,  Personal Injury Law Attorneys,  Accident & Property Damage At
A A Attorney Assisted
15605 Carmenita Rd
Santa Fe Springs, CA 90670
(562) 404-9023
General Practice Attorneys,  Bankruptcy Law Attorneys,  Attorneys,  Bankruptcy Services
Donaldson Brad W
11341 Gold Express Dr # 110
Gold River, CA 95670
(916) 631-8746
Attorneys, Legal Service Plans
Commonwealth Law Group
71843 Highway 111 Ste. B
Rancho Mirage, CA 92270
(760) 552-8699
Criminal Law Attorneys, Attorneys, Legal Clinics
Dedina Steven J
35900 Bob Hope Dr # 215
Rancho Mirage, CA 92270
(760) 202-8600
Attorneys Referral & Information Service, Attorneys, General Practice Attorneys
Winn Joseph R
11231 Gold Express Dr # 108
Gold River, CA 95670
(916) 631-8585
Divorce Attorneys, Attorneys, Family Law Attorneys, Legal Service Plans
Pacific Dynasty Regl Ctr Inc
3501 Hart Ave
Rosemead, CA 91770
(626) 288-8538
Immigration Law Attorneys, Immigration & Naturalization Consultants, Attorneys
Salisbury Susan
8461 Drayer Ln
Rosemead, CA 91770
(626) 571-8445
Attorneys, Legal Service Plans
Spitze Cherie A
81 N Washington St
Sonora, CA 95370
(209) 532-8396
Attorneys,  Family Law Attorneys,  Divorce Assistance,  Legal Service Plans,  Estate Planning Attorn
James Wm. Webster
36 N Washington St
Sonora, CA 95370
(209) 532-8390
Attorneys,  Accident & Property Damage Attorneys,  Personal Injury Law Attorneys,  Criminal Law Atto
Patrick B Greenwell
945 Morning Star Dr
Sonora, CA 95370
(209) 588-8233
Attorneys,  Bankruptcy Services,  General Practice Attorneys,  Legal Service Plans,  Bankruptcy Law
Tran Henry
4213 Rosemead Blvd
Rosemead, CA 91770
(626) 285-8200
General Practice Attorneys, Attorneys, Legal Service Plans
Tweedy Charles A
11341 Gold Express Dr
Gold River, CA 95670
(916) 538-7937
Attorneys, Corporation & Partnership Law Attorneys, Business Law Attorneys, General Practice Attorne
Walters & Zinn Law Offices
2377 Gold Meadow Way
Gold River, CA 95670
(916) 363-7840
Attorneys,  Employment Opportunities,  Employee Benefits & Worker Compensation Attorneys,  Divorce A
Brady, Matthew V
2339 Gold Meadow Way
Gold River, CA 95670
(916) 538-7826
Attorneys,  Mediation Services,  Business Law Attorneys,  Administrative & Governmental Law Attorney
Brady Matthew V
2339 Gold Meadow Way
Gold River, CA 95670
(916) 538-7826
Attorneys, Mediation Services, Business Law Attorneys, Administrative & Governmental Law Attorneys,
Toledo Leticia G
909 Laurel St
San Carlos, CA 94070
(650) 591-7352
Attorneys, Estate Planning Attorneys, Real Estate Attorneys, Legal Service Plans
Tans General Services
8905 Garvey Ave # A9
Rosemead, CA 91770
(626) 288-7108
Paralegals
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US