Estate Taxes

Back in 2010 the estate tax was repealed for one year due to provisions contained within the Bush era tax cuts. During that calendar year there was a great deal of debate about the future of the estate tax. If no changes were made to existing laws, when the tax cuts expired at the end of 2010 the estate tax would have returned in 2011. There would have been a $1 million estate tax credit or exclusion and a 55% maximum rate. After negotiations on Capitol Hill a new tax relief measure was …

When you read about the estate situations that many families face it can really open your eyes with regard to the impact of the federal estate tax. This is a death levy that carries a 40% maximum rate, and the exclusion is $5.25 million this year. If you don't have more than $5.25 million in assets you may find it hard to empathize. But what if you were fortunate enough to have say $10 million to pass along to your loved ones? Would you feel as though it was fair for the tax man to take 40% …

You pay taxes throughout your life, but the event of your death can also be a taxable one if you have been very successful financially. There is an estate tax in place on the federal level, and it can be a major factor when you are engaged in the process of inheritance planning. The federal estate tax can erode the wealth that you are leaving behind to your heirs considerably. At the time of this writing in 2013, the maximum rate of the tax is 40 percent. The amount of the federal estate tax …

The federal estate tax is going to be a huge concern for affluent people during the estate planning process. There is an estate tax on the federal level that carries a 40% rate and a $5.25 million exclusion. Here in New York we have a state-level estate tax. This exclusion is $1 million, and the top rate is 16%. There are steps that you can take to position your assets with tax efficiency in mind. One thing to take into consideration is the fact that there is an unlimited marital …