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 95141

Estate Taxes, Gift Taxes and Inheritance Taxes in Zip Code 95141


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 95141
A Abatement of Action Bankruptcy Attorney
4905 N West Ave Ste 102
Merced, CA 95341
(209) 388-9988
Bankruptcy Law Attorneys,  Attorneys,  Foreclosure Services,  Bankruptcy Services,  Legal Service Pl
Elliott Richard J
9340 Fuerte Dr
La Mesa, CA 91941
(619) 460-9300
Attorneys, General Practice Attorneys
Swanee Gene
PO Box 686
San Fernando, CA 91341
(818) 701-9140
Attorneys Referral & Information Service
Goodman Louis J
1290 B St
Hayward, CA 94541
(510) 582-9090
Criminal Law Attorneys,  Domestic Violence Attorneys,  Drug Charges Attorneys,  DUI & DWI Attorneys,
Denise Eaton May
1290 B St
Hayward, CA 94541
(510) 276-9056
Labor & Employment Law Attorneys, Attorneys
AmeriDiamond Virtual Assistant
2668 Capella Dr
Merced, CA 95341
(209) 349-8919
Estate Planning, Probate, & Living Trusts,  Secretarial Services,  Transcription Services,  Legal
Lippenberger Carl
591 Redwood Hwy Frontage Rd
Mill Valley, CA 94941
(415) 389-8900
Attorneys, Legal Clinics, Real Estate Attorneys, General Practice Attorneys
Oliver Stephen Law Office
OLIVER Stephen LAW
Downey, CA 90241
(562) 869-8829
General Practice Attorneys, Attorneys, Legal Service Plans
Bennington Peggy L
409 Throckmorton Ave
Mill Valley, CA 94941
(415) 888-8751
Attorneys, Family Law Attorneys, Divorce Attorneys
D'Andrea Bonora Trial Cnsltnts
207 Miller Ave
Mill Valley, CA 94941
(415) 482-8322
Attorneys Support & Service Bureaus
Mireya Immigration Svc
11418 Old River School Rd
Downey, CA 90241
(562) 776-8300
Immigration Law Attorneys, Immigration & Naturalization Consultants, Attorneys
Brett Gibbs Law Office
591 Redwood Hwy Frontage Rd
Mill Valley, CA 94941
(415) 384-8274
Civil Litigation & Trial Law Attorneys
French, Pete
1380 A St
Hayward, CA 94541
(510) 889-8248
Attorneys,  Personal Injury Law Attorneys,  Litigation & Tort Attorneys,  Criminal Law Attorneys,  G
Centro De Inmigracion
10507 Main St
Lamont, CA 93241
(661) 845-8126
Immigration Law Attorneys, Immigration & Naturalization Consultants, Attorneys
Gary Till and Burlingham
5330 Madison Ave
Sacramento, CA 95841
(916) 332-8122
Attorneys,  Probate Law Attorneys,  Wills, Trusts & Estate Planning Attorneys,  Estate Planning Att
Leland Judith S Former SSI Judge
8345 Firestone Blvd
Downey, CA 90241
(800) 772-8118
Attorneys,  Administrative & Governmental Law Attorneys,  Social Security Services,  Social Security
Divorce Self Help Legal Centers
9461 Grossmont Summit Dr
La Mesa, CA 91941
(619) 461-8111
Divorce Assistance, Attorneys, Family Law Attorneys, General Practice Attorneys, Legal Service Plans
Ibanez Leon
4602 Eagle Rock Blvd
Los Angeles, CA 90041
(323) 259-8029
Attorneys, Legal Service Plans
Prince Law & Mediation
775 E Blithedale Ave # 130
Mill Valley, CA 94941
(415) 383-8001
Arbitration Services,  Attorneys,  Mediation Services,  Legal Service Plans
Aladdin Bail Bonds
812 3rd St Suite A
Hayward, CA 94541
(877) 765-7888
Bail Bonds, Criminal Law Attorneys, Bail Bond Referral Service, DUI & DWI Attorneys
Albert D'antin
158 N Glendora Ave
Glendora, CA 91741
(626) 852-7876
Attorneys, Legal Service Plans
Vasquez Services
1372 A St
Hayward, CA 94541
(510) 889-7860
Paralegals
Newparentcoaching.Com
1011 Trillium Ln
Mill Valley, CA 94941
(415) 328-7823
Adoption Law Attorneys, Legal Clinics
Skvarna Victor P
158 S Glendora Ave
Glendora, CA 91741
(626) 852-7671
General Practice Attorneys, Attorneys
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US