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 Saint Louis, MO

Estate Taxes, Gift Taxes and Inheritance Taxes in Saint Louis, MO


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 MO 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 Saint Louis, MO
Brad Bradshaw MD JD LC
7777 Bonhomme Ave , Ste 1501
Saint Louis, MO 63105
(314) 289-9999
Attorneys
Lynch John M Law Office
222 S Meramec Ave
Saint Louis, MO 63105
(314) 726-9999
Criminal Law Attorneys, Attorneys
Pines Law Firm
2 N Meramec Ave
Saint Louis, MO 63105
(314) 361-9994
General Practice Attorneys, Attorneys, Legal Service Plans
Lenny Kagan Law Office
7777 Bonhomme Ave # 1506
Saint Louis, MO 63105
(314) 913-9990
Criminal Law Attorneys, Attorneys
Meyerkord & Meyerkord LC
1717 Park Ave
Saint Louis, MO 63104
(314) 436-9958
Personal Injury Law Attorneys, Attorneys
Albrecht and Associates
222 S Meramec Ave
Saint Louis, MO 63105
(314) 725-9958
Family Law Attorneys, Attorneys
Albrecht William E
211 S Central Ave Suite 100
Saint Louis, MO 63105
(314) 725-9958
Family Law Attorneys, Attorneys, Criminal Law Attorneys, Divorce Attorneys, Legal Service Plans
Kathleen Shaul
7710 Carondelet Ave Ste. 401
Saint Louis, MO 63105
(314) 863-9955
Attorneys, General Practice Attorneys, Family Law Attorneys, Divorce Attorneys
Sumner Law Group, LLC
911 Washington Ave., Suite 400
Saint Louis, MO 63101
(314) 485-9948
Criminal Law Attorneys, Attorneys
Farris Law
116 E Lockwood Ave
Saint Louis, MO 63119
(314) 252-9937
Accident & Property Damage Attorneys, Personal Injury Law Attorneys, Attorneys
Saint Louis Metro Criminal Defense
3668 Gravois Ave
Saint Louis, MO 63116
(314) 210-9930
Criminal Law Attorneys, Drug Charges Attorneys, DUI & DWI Attorneys, Sex Offense Attorneys, Traffic
Michael E Doyal Llc
10820 Sunset Office Dr
Saint Louis, MO 63127
(314) 909-9909
General Practice Attorneys, Attorneys, Legal Service Plans
Disability Law Center
307 N Laclede Station Rd
Saint Louis, MO 63119
(888) 828-9888
General Practice Attorneys, Attorneys, Legal Service Plans
Border Crossing Law Firm - Arif Haque, Esq
3649 Humphrey St
Saint Louis, MO 63116
(314) 435-9866
Attorneys,  Immigration Law Attorneys,  Immigration & Naturalization Consultants,  Legal Service Pla
Diekman & Leightner
230 S Bemiston Ave
Saint Louis, MO 63105
(314) 725-9850
Attorneys, General Practice Attorneys, Legal Service Plans
The Bankruptcy Company
1600 S Brentwood Blvd
Saint Louis, MO 63144
(314) 961-9822
Bankruptcy Law Attorneys, Attorneys, Legal Service Plans
Andrews James H
1001 Craig Rd
Saint Louis, MO 63146
(314) 569-9811
General Practice Attorneys, Attorneys
Childress Ahlheim Cary
1010 Market St
Saint Louis, MO 63101
(314) 621-9800
Attorneys,  Legal Service Plans,  Attorneys Referral & Information Service,  General Practice Attorn
Fendelman Paull Floodman
101 S Hanley Rd Ste 1200
Saint Louis, MO 63105
(314) 725-9790
Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  Labor & Employment Law Attorneys,  Divor
Frayne Donna Clark
1922 Chouteau Ave
Saint Louis, MO 63103
(314) 875-9730
Accident & Property Damage Attorneys, Personal Injury Law Attorneys, Attorneys
COUNTY COURTS PROCESS SERVICE LLC
501 Airport Road
Saint Louis, MO 63135
(314) 532-9710
Attorneys Support & Service Bureaus, State Government, Process Servers
Bradley S. Dede Attorney-at-Law
211 S Central Ave
Saint Louis, MO 63105
(314) 725-9700
Attorneys, Legal Service Plans
Hennessey Cynthia M
425 N New Ballas Rd Ste 280
Saint Louis, MO 63141
(314) 821-9696
Personal Injury Law Attorneys, Attorneys, Labor & Employment Law Attorneys
JCS Law
75 W Lockwood Ave
Saint Louis, MO 63119
(314) 561-9690
Bankruptcy Law Attorneys,  Criminal Law Attorneys,  DUI & DWI Attorneys,  Traffic Law Attorneys,  At
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US