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 62220

Estate Taxes, Gift Taxes and Inheritance Taxes in Zip Code 62220


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 IL 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 62220
Mathis Marifian & Richter Ltd
23 Public Sq
Belleville, IL 62220
(618) 234-9800
Attorneys,  Accident & Property Damage Attorneys,  Bankruptcy Law Attorneys,  Employment Discriminat
Niehoff William J
23 Public Sq # 300
Belleville, IL 62220
(618) 234-9800
Labor & Employment Law Attorneys, Legal Service Plans, Attorneys
Stine, Kevin J - Mathis Marifian Richter
23 Public Sq # 300
Belleville, IL 62220
(618) 234-9800
Attorneys,  Legal Service Plans,  Personal Injury Law Attorneys,  Bankruptcy Services,  Bankruptcy L
Gavin Law Firm
17 Park Place Professional Ctr
Belleville, IL 62220
(618) 509-9077
Attorneys, General Practice Attorneys, Legal Service Plans
Stern James
123 N 2nd St
Belleville, IL 62220
(618) 257-8627
Attorneys, Criminal Law Attorneys, DUI & DWI Attorneys, General Practice Attorneys, Legal Service Pl
Fiss Rhonda D
23 Public Sq # 230
Belleville, IL 62220
(618) 233-8590
Accident & Property Damage Attorneys, Attorneys, Family Law Attorneys, Legal Service Plans
Wells Robert E
105 N Illinois St
Belleville, IL 62220
(618) 234-8484
Arbitration Services,  Attorneys,  Mediation Services,  Legal Service Plans
Sprague & Urban Law Office
26 E Washington St
Belleville, IL 62220
(618) 233-8383
Attorneys
Gaines Brent
12 S 2nd St
Belleville, IL 62220
(618) 235-8155
Attorneys, Social Security & Disability Law Attorneys, General Practice Attorneys, Legal Service Pla
Blake Law Group PC
521 W Main St
Belleville, IL 62220
(618) 233-7900
Family Law Attorneys,  Elder Law Attorneys,  Landlord & Tenant Attorneys,  Corporation & Partnership
Allen, Bradley C - Blake & Allen
521 W Main St Ste 100
Belleville, IL 62220
(618) 233-7900
Estate Planning Attorneys,  Attorneys,  Family Law Attorneys,  Tax Attorneys,  Divorce Attorneys,  B
Bonifield, Jerald J Bonifield Law Offices
16 E Main St
Belleville, IL 62220
(618) 277-7740
Personal Injury Law Attorneys, Attorneys, Legal Service Plans
Easton Cory
123 N 2nd St
Belleville, IL 62220
(618) 355-7500
Kuehn Clyde L
23 Public Sq # 450
Belleville, IL 62220
(618) 277-7260
General Practice Attorneys, Attorneys
Womick Law Firm
403 Walnut St
Belleville, IL 62220
(618) 222-7253
General Practice Attorneys, Attorneys
Liefer & Rousseau Law Office
10 S Jackson St # 300
Belleville, IL 62220
(618) 235-6505
General Practice Attorneys, Attorneys, Legal Service Plans
Harter Larson & Dodd
201 S Jackson St
Belleville, IL 62220
(618) 235-6335
Social Security & Disability Law Attorneys, Attorneys, Elder Law Attorneys, Wills, Trusts & Estate P
Nancy R. Larson
201 S Jackson St
Belleville, IL 62220
(618) 235-6335
Estate Planning Attorneys,  Attorneys,  Elder Law Attorneys,  Wills, Trusts & Estate Planning Attor
Jennings Jacknewitz & Schrader PC
720 W Main St
Belleville, IL 62220
(618) 767-6246
Attorneys, Wills, Trusts & Estate Planning Attorneys, Family Law Attorneys
Pelc Law Office
416 S High St
Belleville, IL 62220
(618) 234-6199
Labor & Employment Law Attorneys, Attorneys
Denney Brad S
201 S Jackson St
Belleville, IL 62220
(855) 235-6048
Attorneys, Family Law Attorneys
Courtney Charles W
104 S Charles St
Belleville, IL 62220
(618) 233-5900
Attorneys,  Family Law Attorneys,  Legal Service Plans,  Bankruptcy Law Attorneys
AAA Attorneys
901 W Main St
Belleville, IL 62220
(618) 277-4075
Attorneys, General Practice Attorneys
Lanter, Nathan C - Nelson & Nelson
420 N High St
Belleville, IL 62220
(618) 277-4000
General Practice Attorneys, Attorneys, Legal Service Plans
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US