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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
- Founders and Principals of Global Prosperity Sentenced for Tax Crimes
The three founders of the Institute of Global Prosperity (IGP), David
Struckman, Daniel Andersen and Lorenzo Lamantia, were sentenced Monday
by U.S. District Judge Robert
- 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
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.
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