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 Los Alamos, CA

Estate Taxes, Gift Taxes and Inheritance Taxes in Los Alamos, CA


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 CA 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 Los Alamos, CA
Southern California Immgrtn
8419 Florence Ave # A
Downey, CA 90240
(562) 862-9878
Immigration Law Attorneys, Attorneys, Immigration & Naturalization Consultants
Luna Tony
3317 W Beverly Blvd # 102
Montebello, CA 90640
(323) 887-9844
Attorneys, Legal Service Plans
Budget Solution Ctr
539 E Arrow Hwy
Glendora, CA 91740
(626) 914-9802
Bankruptcy Law Attorneys, Bankruptcy Services, Attorneys
Lefler Wendy Roy
101 Camino Aguajito
Monterey, CA 93940
(831) 655-9682
Attorneys, General Practice Attorneys
O'Grady Brian J
1134 W El Camino Real
Mountain View, CA 94040
(650) 968-9612
Attorneys,  Malpractice Law Attorneys,  Accident & Property Damage Attorneys,  Personal Injury Law A
Catherine S Talbot
479 Pacific St # 5B
Monterey, CA 93940
(831) 657-9556
Attorneys, Legal Service Plans
Goldstein L Seth
2100 Garden Rd Ste H8
Monterey, CA 93940
(831) 372-9511
Attorneys, Legal Service Plans
Scandia Lopez Llp
550 Wave St # 5
Monterey, CA 93940
(831) 643-9409
Insurance Attorneys
Malhotra & Malhotra Law Office
7847 Florence Ave # 111
Downey, CA 90240
(562) 806-9400
Attorneys, Legal Service Plans, Family Law Attorneys, General Practice Attorneys
Haycraft David D
849 W 20th St
Merced, CA 95340
(209) 626-9349
Attorneys, Divorce Attorneys, Family Law Attorneys
Smith Andrew D
115 W Walnut St # 3
Lodi, CA 95240
(209) 333-9292
Attorneys,  Legal Service Plans,  Bankruptcy Services,  Bankruptcy Law Attorneys,  Estate Planning A
Zachary Tyson
800 West El Camino Real, Suite 180
Mountain View, CA 94040
(619) 237-9292
Bankruptcy Law Attorneys, Business Bankruptcy Law Attorneys, Labor & Employment Law Attorneys
9040 Telegraph Rd
Downey, CA 90240
(562) 622-9222
Attorneys
Rasch Jean
2511 Garden Rd Ste A175
Monterey, CA 93940
(831) 647-9200
Attorneys, General Practice Attorneys
Posada Henry
8280 Florence Ave # 220
Downey, CA 90240
(562) 904-9080
Attorneys,  Accident & Property Damage Attorneys,  General Practice Attorneys,  Legal Service Plans
Morse & Pfeiff
820 W 18th St
Merced, CA 95340
(209) 384-9070
Attorneys,  Bankruptcy Services,  Criminal Law Attorneys,  Bankruptcy Law Attorneys,  Financial Serv
Ascher, Yvonne
444 Pearl St Suite A1
Monterey, CA 93940
(831) 641-9019
Attorneys,  Estate Planning Attorneys,  Administrative & Governmental Law Attorneys,  General Practi
Holian Mejia Barbra
400 Foam St # C
Monterey, CA 93940
(831) 648-8981
Estate Planning Attorneys, Attorneys, Criminal Law Attorneys, Legal Service Plans
Curtis W Herron Law Office
323 Main St # 2
Seal Beach, CA 90740
(562) 430-8967
Civil Litigation & Trial Law Attorneys, Attorneys, Litigation & Tort Attorneys
Patrick S. Aguirre & Associates
101 Main St Ste G
Seal Beach, CA 90740
(949) 209-8900
McGladdery Johnathan
420 W Pine St
Lodi, CA 95240
(209) 339-8882
Attorneys
Cooper Dean F Attorney
420 W Pine St (Ste 2)
Lodi, CA 95240
(209) 339-8881
Accident & Property Damage Attorneys,  Attorneys,  Personal Injury Law Attorneys,  Insurance Attorne
Holk Eric N
60 Garden Court, Suite 205
Monterey, CA 93940
(831) 622-8808
Legal Service Plans, Estate Planning Attorneys, Wills, Trusts & Estate Planning Attorneys, Attorneys
Family Law Options
1152 E Route 66
Glendora, CA 91740
(626) 335-8781
Family Law Attorneys, Attorneys
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US