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 60187

Estate Taxes, Gift Taxes and Inheritance Taxes in Zip Code 60187


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 IL 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 60187
Neal & Leroy
300 S Carlton St # 120
Wheaton, IL 60187
(630) 752-9598
Attorneys Support & Service Bureaus
Stauber Jr Raymond W
330 S Naperville Rd Ste 304
Wheaton, IL 60187
(630) 668-9590
Real Estate Attorneys, Attorneys, General Practice Attorneys
Young James A
2100 Manchester Rd Ste 201
Wheaton, IL 60187
(630) 221-9495
Attorneys
Anderson & Associates PC
400 S County Farm Rd
Wheaton, IL 60187
(630) 653-9400
Divorce Attorneys,  Adoption Law Attorneys,  Child Custody Attorneys,  Attorneys,  Family Law Attorn
O'brien Law Offices Pc
300 S County Farm Rd Ste G
Wheaton, IL 60187
(630) 871-9400
Attorneys,  Banking & Mortgage Law Attorneys,  Business Law Attorneys,  Real Estate Attorneys,  Liti
Fawell & Associates
500 S County Farm Rd
Wheaton, IL 60187
(630) 871-9300
Immigration Law Attorneys,  Administrative & Governmental Law Attorneys,  Criminal Law Attorneys,  A
Pape Arthur
100 W Roosevelt Rd Ste A3-102
Wheaton, IL 60187
(630) 933-9300
Attorneys, General Practice Attorneys
Pesch Law Office
620 W Roosevelt Rd Ste A1
Wheaton, IL 60187
(630) 462-9300
General Practice Attorneys, Attorneys
Stone & Johnson
600 W Roosevelt Rd
Wheaton, IL 60187
(630) 221-9292
Attorneys
Reed Elizabeth
400 Knoll St
Wheaton, IL 60187
(630) 752-9256
General Practice Attorneys, Attorneys
Beck Houlihan & Scott
534 W Roosevelt Rd
Wheaton, IL 60187
(630) 933-9220
Divorce Attorneys, Family Law Attorneys, Attorneys
Dupage County Lawyer Referral & Mediation Service
126 S County Farm Rd
Wheaton, IL 60187
(630) 653-9109
Attorneys Referral & Information Service
Clausen Miller Pc
2100 Manchester Rd Ste 1700
Wheaton, IL 60187
(630) 668-9100
Product Liability Law Attorneys, Attorneys, Business Law Attorneys
Yonke A Kent
100 W Roosevelt Rd Ste A4-205
Wheaton, IL 60187
(630) 668-8940
General Practice Attorneys, Attorneys
Dennis W. Hoornstra
100 W Roosevelt Rd
Wheaton, IL 60187
(630) 999-8908
Real Estate Attorneys,  Attorneys,  Family Law Attorneys,  Bankruptcy Law Attorneys,  Business Bankr
Rice & Assoc
311 S County Farm Rd Ste A
Wheaton, IL 60187
(630) 260-8880
Accident & Property Damage Attorneys, Attorneys, Personal Injury Law Attorneys, Legal Service Plans
Linda Roberts & Assoc
104 E Roosevelt Rd Ste 201
Wheaton, IL 60187
(630) 752-8823
General Practice Attorneys, Attorneys, Legal Service Plans
Estate Planning Law Group
600 W Roosevelt Rd Ste B1
Wheaton, IL 60187
(630) 871-8778
Estate Planning Attorneys, Attorneys, Wills, Trusts & Estate Planning Attorneys
James J Lenahan Law Office
1115 Wheaton Oaks Ct # 1
Wheaton, IL 60187
(630) 221-8751
General Practice Attorneys, Attorneys
Miglore Salvatore
300 S Carlton St # 130
Wheaton, IL 60187
(630) 933-8400
General Practice Attorneys, Attorneys, Legal Service Plans
Deborah N. Bedsole
2100 Manchester Rd Building-B
Wheaton, IL 60187
(630) 221-8320
Attorneys, Legal Service Plans, Criminal Law Attorneys, Legal Clinics
Rynning Lawrence K
310 S County Farm Rd Ste G
Wheaton, IL 60187
(630) 682-8061
Attorneys
Piccione Keeley & Associates LTD
122 S County Farm Rd Ste C
Wheaton, IL 60187
(630) 653-8000
General Practice Attorneys, Attorneys
Vanderlaan Lori
2100 Manchester Rd Ste 1420
Wheaton, IL 60187
(630) 752-8000
Employee Benefits & Worker Compensation Attorneys, Legal Service Plans, Attorneys
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US