There are taxes on asset transfers in the United States. One of them is the generation-skipping transfer tax. This tax could potentially be levied on asset transfers to relatives who are more than one generation younger than you. It can also be imposed on transfers to people who are not relatives who are at least … [Read More]
Will My Heirs Be Forced to Pay an Inheritance Tax?
There are taxes on asset transfers in the United States. There is an estate tax, and there is a gift tax. The gift tax is in place to prevent people from giving away their assets while they are living in an effort to avoid the estate tax. These two taxes are unified under the tax … [Read More]
Can I Give Tax-Free Gifts to My Children?
There is a federal gift tax in the United States, and it is unified with the federal estate tax. The maximum rate of the gift tax and the estate tax is 40 percent. Federal transfer taxes can be levied on gifts that you give to your children. Annual Gift Tax Exclusion Most people never pay … [Read More]
What Is a Family Limited Partnership in Connecticut?
There are many different legal devices that are used in the field of [Read More]
Consider a 529 Plan
A Look at Intentionally Defective Trusts
The federal estate tax looms large for people who have been successful throughout their lives. At the current time the maximum rate of the estate tax is 40%, and the lifetime exclusion is $5.25 million. There are various different recommendations that astute estate planning lawyers can make for people who are faced with the prospect … [Read More]
Don’t Forget IRS Form 709 to Account for Gifts
A lot of people are not aware of the fact that gifts that you give throughout your life are potentially taxable. We have a federal estate tax in place, and the gift tax prevents people from giving away their assets while they are still alive in an effort to avoid the estate tax. The two … [Read More]
Value of Home Can Create Estate Tax Exposure
When you are [Read More]
Annual Gift Tax Exemption for 2013
You have to concern yourself with the potential ravages of the [Read More]
How Fiscal Cliff Deal Impacts Estate Tax
We would like to share the outcome of the fiscal cliff compromise as it applies to the estate tax here so that you can understand the playing field going forward in 2014. As it turns out the maximum rate of the estate tax went up, but the increase is not going to be as damaging … [Read More]
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