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 Andale, KS

Estate Taxes, Gift Taxes and Inheritance Taxes in Andale, KS


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 KS 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 Andale, KS
Terrell Dayna R
630 Minnesota Ave # 105
Kansas City, KS 66101
(913) 236-9894
Attorneys
Doll Law Firm
206 W Wyatt Earp Blvd
Dodge City, KS 67801
(620) 227-9889
Attorneys, General Practice Attorneys, Legal Service Plans
Noel Nels P
905 Broadway
Concordia, KS 66901
(785) 243-9884
Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  Probate Law Attorneys,  Legal Service Pl
Nels P Noel
136 W 6th St
Concordia, KS 66901
(785) 243-9884
Attorneys
Williams Calvin K
280 N Court Ave
Colby, KS 67701
(785) 460-9777
Attorneys,  Criminal Law Attorneys,  DUI & DWI Attorneys,  General Practice Attorneys,  Legal Servic
Roth Simon
108 W 25th St
Hays, KS 67601
(785) 625-9771
Attorneys, Legal Service Plans
O'Connor John G
827 Armstrong Ave # 300
Kansas City, KS 66101
(913) 321-9600
Attorneys
Robb Taylor & O'Connor
827 Armstrong Ave
Kansas City, KS 66101
(913) 321-9600
Attorneys,  Wrongful Death Attorneys,  Personal Injury Law Attorneys,  Employee Benefits & Worker Co
James Spies
816 Ann Ave
Kansas City, KS 66101
(913) 371-9595
Attorneys, Legal Service Plans
Ellis County Register Of Deeds
1204 Fort St
Hays, KS 67601
(785) 628-9410
Attorneys, County & Parish Government, Government Offices
Achterberg & Angell
110 S 7th St
Salina, KS 67401
(785) 820-9400
Attorneys,  Adoption Services,  Accident & Property Damage Attorneys,  Personal Injury Law Attorneys
Bieker Dennis L
3709 Fairway Dr
Hays, KS 67601
(785) 625-9384
Attorneys
Diederich, Daniel K
122 N Santa Fe Ave Suite B
Salina, KS 67401
(785) 826-9250
Attorneys,  Business Law Attorneys,  Real Estate Attorneys,  Estate Planning Attorneys,  Wills, Tru
Davidson Law Office
204 S. Santa Fe, Ste. 5
Salina, KS 67401
(785) 452-9242
Criminal Law Attorneys, Attorneys
German Robert G
120 S 7th St
Salina, KS 67401
(785) 825-9175
Attorneys,  Family Law Attorneys,  General Practice Attorneys,  Bankruptcy Services,  Divorce Assist
Eric W. Marshall
1901 E. Iron Ave.
Salina, KS 67401
(785) 577-9101
Attorneys,  Wills, Trusts & Estate Planning Attorneys,  Real Estate Attorneys,  Tax Return Preparat
Sanchez Conn Felix
2018 1st Ave
Dodge City, KS 67801
(620) 338-8900
Attorneys,  Immigration Law Attorneys,  Corporation & Partnership Law Attorneys,  Legal Service Plan
Davis, Reginald Keith
750 Ann Ave
Kansas City, KS 66101
(913) 299-8789
Criminal Law Attorneys,  Personal Injury Law Attorneys,  Attorneys,  DUI & DWI Attorneys,  Automobil
Ausemus, Stanley R.
413 Commercial St
Emporia, KS 66801
(620) 342-8717
Accident & Property Damage Attorneys, Personal Injury Law Attorneys, Civil Litigation & Trial Law
Baker Benjamin
1303 Elm Blvd
Liberal, KS 67901
(620) 624-8604
Attorneys
Borders Bruce E
200 Arco Pl # 401
Independence, KS 67301
(620) 331-8600
Attorneys, Legal Service Plans
Staab Don C
1301 Oak St
Hays, KS 67601
(785) 628-8517
Attorneys, General Practice Attorneys, Legal Service Plans
Diepenbrock Daniel H
223 N Kansas Ave
Liberal, KS 67901
(620) 626-8502
Attorneys, General Practice Attorneys, Legal Service Plans
Brooks & Olson
400 N Washington Ave
Liberal, KS 67901
(620) 624-8494
Attorneys, Legal Service Plans
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US