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 59530

Estate Taxes, Gift Taxes and Inheritance Taxes in Zip Code 59530


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 MT 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 59530
Gorton Dave
217 5th St S
Glasgow, MT 59230
(406) 228-9880
Attorneys, General Practice Attorneys, Legal Service Plans
Britzman Farm
131 Britzman Rd
Glasgow, MT 59230
(406) 367-9331
Attorneys
Helland Law Firm P
311 Klein Ave
Glasgow, MT 59230
(406) 228-9331
Attorneys, General Practice Attorneys
Rector Law Office PC PC
525 4th Ave N
Glasgow, MT 59230
(406) 228-9267
Attorneys, General Practice Attorneys
Pontoriero Charlene Fnp
107 Dilworth St
Glendive, MT 59330
(406) 345-8930
Attorneys
Thielman James D
2221 Colorado Blvd
Glendive, MT 59330
(406) 365-8082
General Practice Attorneys
Navratil Gerald J
215 S Kendrick Ave
Glendive, MT 59330
(406) 377-5273
Attorneys, Legal Service Plans
Howe Marvin
215 S Kendrick Ave
Glendive, MT 59330
(406) 377-5273
Attorneys
Herring Scott
215 S Kendrick Ave
Glendive, MT 59330
(406) 377-5273
Attorneys
Mason James
49 Whitetail Dr
Rexford, MT 59930
(831) 462-4562
Attorneys
Cook Jerry D
100 1/2 S Merrill Ave # 9
Glendive, MT 59330
(406) 377-4521
Attorneys, Legal Service Plans
Rector James D
217 5th St S
Glasgow, MT 59230
(406) 228-4385
Attorneys
Lensing Cody
100 1/2 S Merrill Ave # 26
Glendive, MT 59330
(406) 377-4226
Attorneys, Legal Service Plans
Thornton Cynthia
100 1/2 S Merrill Ave # 3
Glendive, MT 59330
(406) 377-3113
Attorneys
Batterman Law Offices PC
116 W Towne St
Glendive, MT 59330
(406) 377-3005
Attorneys, General Practice Attorneys, Legal Service Plans
Batterman Law Offices PC
115 W Valentine St Ste 4
Glendive, MT 59330
(406) 377-3005
Attorneys, General Practice Attorneys, Legal Service Plans
Hurly Robert
234 5th St S
Glasgow, MT 59230
(406) 228-2641
Attorneys, General Practice Attorneys, Legal Service Plans
Irving David
110 5th St S # 110
Glasgow, MT 59230
(406) 228-2554
Attorneys, General Practice Attorneys, Legal Service Plans
Christoffersen & Knierim PC
630 2nd Ave S Ste E
Glasgow, MT 59230
(406) 228-2487
Attorneys, General Practice Attorneys, Legal Service Plans
Christoffersen & Knierim
321 Klein Ave
Glasgow, MT 59230
(406) 228-2487
Attorneys
Knierim Matthew/ Attorney
630 2nd Ave S
Glasgow, MT 59230
(406) 228-2460
Attorneys
Kramer Mary Brigit
390 Cinnabar Basin Rd
Gardiner, MT 59030
(406) 223-2279
Attorneys
Schwartz Dennis & Annette
415 Pine St
Glendive, MT 59330
(406) 377-2120
Attorneys
Moulton Ali
107 W Towne St # 4
Glendive, MT 59330
(406) 377-1558
Attorneys, Legal Service Plans
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US