Federal Estate Tax

Avoiding federal gift and estate taxes should be among your many estate planning objectives if you have even a moderately valuable estate. To successfully achieve that objective, you need to understand current tax laws and incorporate those laws into your overall asset protection component within your estate plan. With that in mind, a Long Island estate planning attorney at Eghrari Law Firm explains federal gift and estate tax changes for 2023. Federal Gift and Estate Tax Basics You will …

The estate tax may or may not be fair, but it is a reality that you must address when you are planning your estate as a high net worth individual. If you are married there are some details that you should be aware of as you plan ahead with tax efficiency in the forefront of your thinking. Each person in a marriage has his or her own estate tax exclusion. As a result, there is a total $10.5 million exclusion for a married couple in 2013. Plus, the estate tax exclusion has been portable since the …

The process of estate planning can involve the implementation of wealth preservation strategies if you are exposed to the federal estate tax.  This tax is not applicable on transfers to your spouse  if you are married to an American citizen, but it can be applied on transfers to others. When you consider the implications, the logical response would be lifetime gift giving. You could essentially give your loved ones their inheritances in advance while you are living to avoid the estate …

  The tax man doesn't mind allowing you to pass along assets to your spouse tax-free, because your spouse will still be exposed to the death tax. Because of this, high net worth individuals must implement tax efficiency strategies in advance. Utilization of the unlimited marital deduction is not a comprehensive estate planning solution for wealthy individuals.  Because of the recent Supreme Court ruling that found a portion of the Defense of Marriage Act unconstitutional, the unlimited …