Tags » Estate Tax

1000+ Year GST Dynasty Trusts; Virtually Ridiculous in My Opinion

States seeking to attract trustee administration work within their state are enacting legislation allowing the duration of trusts to last hundreds of years, even in unlimited perpetuity in some cases. 320 more words

Estate Planning

Summary of Current Gift & Estate Taxes and the Annual Exclusion

Gift and Estate Taxes

The latest changes to the gift and estate taxes came by the way of the American Taxpayer Relief Act (ATRA 2012). Under the ATRA 2012 Congress made “permanent” the rules governing gift and estate taxes, and setting the top federal gift and estate tax rate at 40%. 134 more words

Gift Tax

The History of Gift and Estate Taxes

Like all taxes, the federal estate tax and gift tax exist as a means of producing revenue for the federal government. Some people believe the modern estate tax (established in 1916) helps to prevent a small handful of families from controlling a majority of the country’s wealth, while others believe the estate tax discourages capital accumulation, curbing national economic growth. 189 more words

Gift Tax

2015 Unified Credit and Annual Gift Tax Limits Raised

The IRS recently released the 2015 tax year exclusion amounts for the unified credit (or basic exclusion) and the annual gift tax exclusion.

For the 2015 tax year, the unified credit exclusion is $5.43 million per taxpayer.  61 more words

Succession

Can your children afford to inherit your wealth?

When devising an estate plan it is important to consider the potential tax burden on your children and others who stand to benefit from your hard work and generosity. 136 more words

Estate Planning

2014 Year-End Illinois Estate Planning: It’s Time for a Careful Review

As 2014 comes to a close, now is the perfect time for careful planning to address the income, estate, gift and generation-skipping taxes that can directly affect you… 1,918 more words

Tax

2014 Estate and Gift Tax Planning Ideas

Here are useful year end tax planning from an estate and gift tax perspective. Discussed below are various strategies for gifts to children and grandchildren during 2014, while incurring little or no gift tax. 1,242 more words

Preparing For Taxes