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 62466

Estate Taxes, Gift Taxes and Inheritance Taxes in Zip Code 62466


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 62466
Morrison Jr Edward L
219 Early St
Park Forest, IL 60466
(708) 283-9855
Attorneys, Estate Planning Attorneys, Wills, Trusts & Estate Planning Attorneys
Middleton Law Office
205 S Garrard St
Rantoul, IL 61866
(217) 892-9641
General Practice Attorneys, Attorneys, Legal Service Plans
Jackson County Federal High Rise
233 N 13th St
Murphysboro, IL 62966
(618) 687-9536
Bankruptcy Law Attorneys
Wilson Law Offices
300 S Garrard St
Rantoul, IL 61866
(217) 893-9509
General Practice Attorneys, Attorneys, Legal Service Plans
Bailey Joni Beth
1008 Walnut St
Murphysboro, IL 62966
(618) 684-8668
Attorneys,  Legal Service Plans,  Social Security Consultants & Representatives,  Social Security &
Heins M Christine
1829 Walnut St # 1
Murphysboro, IL 62966
(618) 684-8466
Attorneys,  Accident & Property Damage Attorneys,  DUI & DWI Attorneys,  Legal Service Plans,  Traff
Preparer Inc
38 Brook Park Ln
Park Forest, IL 60466
(708) 297-7462
Paralegals
Jackson County Public Defender
22 S 10th St
Murphysboro, IL 62966
(618) 687-7250
Attorneys
State Attorney
1001 Walnut St # 3
Murphysboro, IL 62966
(618) 687-7200
Attorneys
Timothy Capps
1400 Wood Rd
Murphysboro, IL 62966
(618) 457-7000
Attorneys
Hamlin Celeste
814 Locust St
Murphysboro, IL 62966
(618) 684-6804
Attorneys
Burke Rex G
907 Chestnut St
Murphysboro, IL 62966
(618) 684-6661
Attorneys,  Family Law Attorneys,  DUI & DWI Attorneys,  Legal Service Plans,  Bankruptcy Law Attorn
Frazier Dana S
818 Locust St
Murphysboro, IL 62966
(618) 687-5707
Attorneys,  Business Bankruptcy Law Attorneys,  General Practice Attorneys,  Bankruptcy Law Attorney
Wepsiec Law
1502 Walnut St
Murphysboro, IL 62966
(618) 565-5206
Attorneys
Speir & Whitney Law Offices
1400 Wood Rd
Murphysboro, IL 62966
(618) 549-5159
Attorneys, General Practice Attorneys
Whitney Richard J
1400 Wood Rd
Murphysboro, IL 62966
(618) 549-5159
Attorneys
Mc Cann Patrick
105 E Walnut St
Murphysboro, IL 62966
(618) 684-5122
Attorneys
Mc Cann Donna
115 S 15th St
Murphysboro, IL 62966
(618) 684-5122
Attorneys
Bankruptcy & Debt Relief Legal Services
105 E Walnut St
Murphysboro, IL 62966
(618) 684-5122
Attorneys, Legal Service Plans, Bankruptcy Law Attorneys
The Family Law Center
105 E Walnut St
Murphysboro, IL 62966
(618) 684-5122
Attorneys, Divorce Attorneys, Family Law Attorneys
Miller Gary T
103 S Sezmore Dr
Murphysboro, IL 62966
(618) 687-4800
Attorneys, Wills, Trusts & Estate Planning Attorneys
Drew & Drew P.C.
1100 Locust St
Murphysboro, IL 62966
(618) 687-4411
Attorneys, Legal Service Plans
Christenson Paul
1100 Locust St
Murphysboro, IL 62966
(618) 687-4411
Attorneys,  Criminal Law Attorneys,  Accident & Property Damage Attorneys,  Legal Service Plans
Orval Twenhafel Inc
48 Beach Ln
Murphysboro, IL 62966
(618) 684-4347
Attorneys
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US