Estate Tax Planning

Estate Tax Planning Lawyer Can Help You

Sweeping changes were made to the tax laws by the Economic Growth and Tax Relief Reconciliation Act of 2001. In addition to the many income tax changes, the law revised the federal estate and gift taxes. The law repeals the Federal estate tax in 2010 and brings it back from the grave one year later, unless Congress extends the repeal. The 2011 reinstatement brings back the tax to the way it was before the law was enacted.

Contact the nearest Estate Planning Lawyer and obtain a free case evaluation.

In the meantime, there are a number of phased in changes:

• (1) the estate tax exclusion amount ($675,000 in 2001) gradually rises to $3.5 million in 2009;
• (2) the top federal estate tax bracket (and GST rate) will be reduced from 55% to 50% in 2002, and then gradually decline to 45% in 2007--2009.
• (3) the gift tax remains, but the top tax rate is also reduced from 55% in 2001 to 35% by 2010.
• (4) beginning in 2002, the lifetime gifting exclusion caps at $1,000,000.

All property (and certain powers) that a person has at the time of his/her death is subject to tax. You've heard the saying that, "the only thing certain in life is death and taxes," - well, it's not certain but if it wasn't taken away from you by tax during your life it can be taxed at your death and taken from your estate. The estate tax is payable by your estate - it is usually paid by the estate of the decedent before property is distributed to the beneficiaries of the estate. Barring an extension, the estate tax is due within nine (9) months after your death.

The unlimited marital deduction, qualified charitable organization deduction, and unified transfer tax credit enables most estates to be distributed without incurring any federal estate tax. In addition, there are many ways in which you can structure your estate - to take advantage of available exclusions, exemptions, credits and deductions - so that the tax bite is reduced.

Contact the nearest Estate Planning Lawyer and obtain a free case evaluation.

Content Related to Topic

• Edwards Votes for Estate Tax Relief Act As Bill Passes House
  The bill would permanently repeal the estate tax for estates worth up to 5 million for individuals and 10 million for married couples



• In Maryland, Governor Proposes Estate Tax Modernization
  Announced plans to modernize the States estate tax by tying it closer to the Federal estate tax



• Congressman Poe Praises Passage Of Permanent Estate Tax Relief
  This bill will make certain provisions in the Economic Growth and Tax Relief Reconciliation Act of 2001 permanent



• In Louisiana, Landrieu Proposes Estate Tax Relief
  Under Sen. Landrieu's proposal, 99.99 percent of Louisiana residents would no longer be subject to any federal estate tax



• Estate Tax No Threat To Small Businesses And Family Farms
  In reality, only a tiny fraction of all estates pay any estate tax



• New Study Documents Destructive Effects Of The Estate Tax
  The Federal estate tax undermines economic growth, fails to reduce inequality, and harms many small businesses, according to a new study



• Minimizing Estate Taxation
  There are a number of estate planning methods that can be used to minimize federal taxes on your estate



• New Study Documents Destructive Effects Of The Estate Tax
  The Federal estate tax undermines economic growth, fails to reduce inequality, and harms many small businesses



• Matheson Hails Progress On Scaling Back Estate Tax
  The bill-HR 5638-passed would exempt all estates worth less than $5 million per person and would make it easier for taxpayers to pass on the full exemption



• Senator Specter Introduces A Flat Tax Proposal
  The flat tax eliminates the estate tax and capital gains tax

An Estate Planner can also assist all other possible estate planning law concerns.

If you are in need of an estate planning lawyer specializing in wills & estate planning, contact us. Let us help you with your legal concerns.