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 14075

Estate Taxes, Gift Taxes and Inheritance Taxes in Zip Code 14075


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 14075
Pedone Rose M
57 Buffalo St
Hamburg, NY 14075
(716) 648-9974
Attorneys, Legal Service Plans
Jeffrey Freedman Attorneys
3523 Abbott Rd
Hamburg, NY 14075
(716) 393-9907
Social Security & Disability Law Attorneys,  Attorneys,  Accident & Property Damage Attorneys,  Gene
Gorman Gerald P
180 Main St
Hamburg, NY 14075
(716) 648-9611
Litigation & Tort Attorneys,  Attorneys,  General Practice Attorneys,  Personal Injury Law Attorneys
Townsend Stephen C
1 Grimsby Dr
Hamburg, NY 14075
(716) 648-8220
Attorneys
Dennis Gaughan, Attorneys
6161 South Park Ave (U.S. 62)
Hamburg, NY 14075
(716) 648-8000
Bankruptcy Law Attorneys,  Divorce Attorneys,  Family Law Attorneys,  Social Security & Disability L
The Laufer Law Firm
42 Lake Street
Hamburg, NY 14075
(716) 783-5257
Criminal Law Attorneys,  Family Law Attorneys,  Real Estate Attorneys,  Personal Injury Law Attorney
Strauss Law Offices
180 Main St
Hamburg, NY 14075
(716) 648-5061
Personal Injury Law Attorneys, Attorneys, General Practice Attorneys
Hargesheimer Elbert
22 Buffalo St
Hamburg, NY 14075
(716) 648-4202
General Practice Attorneys, Attorneys
Ansuini Thomas M
4819 S Park Ave
Hamburg, NY 14075
(716) 648-3900
Attorneys
Calabrese Kyle W
265 Union St # 203
Hamburg, NY 14075
(716) 649-3311
Attorneys, Criminal Law Attorneys, Wills, Trusts & Estate Planning Attorneys, Legal Service Plans
Chiacchi & Fleming Llp
5113 S Park Ave
Hamburg, NY 14075
(716) 648-3030
General Practice Attorneys, Attorneys
Archer Pierrot Christen
5113 S Park Ave
Hamburg, NY 14075
(716) 648-3030
General Practice Attorneys, Attorneys
Kopacz Tiffany M
5113 S Park Ave
Hamburg, NY 14075
(716) 648-3030
General Practice Attorneys, Attorneys
Wojciechowski Thomas J Atty
4873 Clifton Pkwy
Hamburg, NY 14075
(716) 627-2911
Attorneys
Cory J Missell
265 Union St., Suite 203
Hamburg, NY 14075
(716) 704-2738
Criminal Law Attorneys,  DUI & DWI Attorneys,  Family Law Attorneys,  Personal Injury Law Attorneys,
Smith Christopher
42 Lake St # 4
Hamburg, NY 14075
(716) 648-1400
Business Bankruptcy Law Attorneys,  Attorneys,  Legal Service Plans,  Bankruptcy Law Attorneys
Collins Joseph A
4255 Clark St
Hamburg, NY 14075
(716) 649-1118
General Practice Attorneys, Attorneys, Legal Service Plans
David M. Block
265 Union Street
Hamburg, NY 14075
(716) 289-0674
Criminal Law Attorneys,  Divorce Attorneys,  DUI & DWI Attorneys,  Personal Injury Law Attorneys,  T
Villarini, Robert Villarini & Henry LLP
16 Main St
Hamburg, NY 14075
(716) 648-0510
Attorneys,  Criminal Law Attorneys,  Business Law Attorneys,  Personal Injury Law Attorneys,  Genera
Henry Jr, Daniel J Villarini & Henry LLP
16 Main St
Hamburg, NY 14075
(716) 648-0510
Attorneys,  Legal Service Plans,  Criminal Law Attorneys,  Personal Injury Law Attorneys
Poretta Michael J
57 Buffalo St
Hamburg, NY 14075
(716) 649-0161
Attorneys, Legal Service Plans
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US