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
Tags » Estate Tax
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
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
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
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