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 … [Read more...] about Free Report: How Large of an Estate Can a New York Citizen Pass Federal Estate Tax Free?
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 … [Read more...] about Free Report: Can I Give Gifts to Avoid the Federal Estate Tax?
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 … [Read more...] about Free Report: What Is The Federal Estate Tax Marital Deduction