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 11372

Estate Taxes, Gift Taxes and Inheritance Taxes in Zip Code 11372


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 NY 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 11372
Pitchayan Pat
7230 Broadway # 3
Jackson Heights, NY 11372
(718) 478-9272
Attorneys
White, Ricotta & Marks, P.C.
8612 37th Ave Fl 2nd
Jackson Heights, NY 11372
(800) 240-9269
Corporation & Partnership Law Attorneys, Attorneys, Labor & Employment Law Attorneys
K's Paralegal Svc
3714 73rd St # 202
Jackson Heights, NY 11372
(718) 476-9114
Paralegals
Sanders L. Denis
81-06 Roosevelt Avenue, 2nd Fl
Jackson Heights, NY 11372
(718) 766-9007
Criminal Law Attorneys,  Family Law Attorneys,  Immigration Law Attorneys,  Domestic Violence Attorn
The White Rose Group, LLC
8612 37th Ave, 2nd Floor
Jackson Heights, NY 11372
(347) 464-8694
Attorneys,  Labor & Employment Law Attorneys,  General Practice Attorneys,  Employment Discriminatio
Garcia Firm CPA
8211 37th Ave # 603
Jackson Heights, NY 11372
(718) 533-8600
Accountants-Certified Public, Attorneys, General Practice Attorneys, Legal Service Plans
Anil Dass Law Offices
3748 74th St
Jackson Heights, NY 11372
(718) 663-8593
General Practice Attorneys, Attorneys
Make The Road New York
9210 Roosevelt Ave
Jackson Heights, NY 11372
(718) 565-8500
Immigration Law Attorneys, Immigration & Naturalization Consultants, Attorneys
Azam Khalid M
7409 37th Ave # 303
Jackson Heights, NY 11372
(718) 672-8115
General Practice Attorneys, Attorneys, Legal Service Plans
Castro Law PLLC
82-11 37th Avenue
Jackson Heights, NY 11372
(718) 533-8090
Bankruptcy Law Attorneys, Foreclosure Services, Landlord & Tenant Attorneys
Karamvir Dahiyas Law Office Pc
7409 37th Ave # 400
Jackson Heights, NY 11372
(718) 685-8000
General Practice Attorneys, Attorneys
Jackson Heights Immigration
8007 Roosevelt Ave
Jackson Heights, NY 11372
(718) 476-7903
Immigration Law Attorneys, Immigration & Naturalization Consultants, Attorneys
Unni Krishnan & Assoc PC
7224 Broadway Ste 3F
Jackson Heights, NY 11372
(718) 779-7709
Attorneys, Legal Service Plans
Fabian Manuel
3731 76th St # 2
Jackson Heights, NY 11372
(718) 397-7700
Attorneys, Legal Service Plans
Paul Michael
3507 90th St
Jackson Heights, NY 11372
(718) 793-7285
Criminal Law Attorneys, Attorneys, General Practice Attorneys
Pena Jesus J
8819 Roosevelt Ave # 2
Jackson Heights, NY 11372
(718) 779-6961
Attorneys, Malpractice Law Attorneys, Accident & Property Damage Attorneys, Personal Injury Law Atto
Pena & Kahn P
8819 Roosevelt Ave # 2
Jackson Heights, NY 11372
(718) 779-6961
Accident & Property Damage Attorneys, Personal Injury Law Attorneys, Attorneys
Strauch George
3421 87th St
Jackson Heights, NY 11372
(718) 478-6744
General Practice Attorneys, Attorneys, Legal Service Plans
Herrmann Larry
3751 76th St # 2
Jackson Heights, NY 11372
(718) 779-6630
Legal Service Plans, Attorneys, Criminal Law Attorneys, Personal Injury Law Attorneys, General Pract
Global Multi Services Incorpor
3718 73rd St
Jackson Heights, NY 11372
(718) 205-6530
Immigration Law Attorneys, Attorneys, Immigration & Naturalization Consultants
Arora Sudhir
3712 75th St
Jackson Heights, NY 11372
(718) 424-6446
Immigration Law Attorneys, Attorneys, Immigration & Naturalization Consultants
Zin Barg Emanuel & Assoc
8215 Northern Blvd
Jackson Heights, NY 11372
(718) 651-6262
Attorneys Referral & Information Service
Ross Legan Rosenberg Zelen
7409 37th Ave
Jackson Heights, NY 11372
(212) 246-6120
General Practice Attorneys, Attorneys, Legal Service Plans
Ginarte O'Dwyer Gonzalez Gallardo & Winograd, LLP
8216 Roosevelt Ave
Jackson Heights, NY 11372
(718) 925-6029
Social Security & Disability Law Attorneys,  Attorneys,  Malpractice Law Attorneys,  Personal Injury
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US