Estate Tax – Gross Estate Gifts Gross estate: This includes property of every kind wherever located. It includes property that passes directly under state law and is not subject to estate administration, as well as property that is exempt from taxation, such as municipal bonds. The form of the property is not important. Claims of…
Federal Gift and Estate Tax Summary The unified tax on transfers has three parts: gift tax (for transfers made during life), estate tax (for transfers made at death) and generation-skipping tax (for transfers that skip a generation). The gift and estate taxes are imposed on an individual for gifts during life and on his or…
Federal Gift and Estate Tax Summary: generation skipping, gifts to spouse, transfers before death The tax at death and the tax on transfers that skip a generation were repealed and then reinstated. The gift tax was not repealed. All these taxes are now in effect. The top gift rates for transfers during life, the estate…
The unified tax on transfers has three parts: gift tax (for transfers made during life), estate tax (for transfers made at death) and generation-skipping tax (for transfers that skip a generation). The gift and estate taxes are imposed on an individual for gifts during life and on his or her estate for transfers at death…
ESTATE TAX: SUMMARY The estate tax is imposed on the privilege of transferring property by will, or through an estate without a will or by operation of law. The maximum estate tax rate is 40% after 2012 and applicable exclusion amount is $5 million indexed for inflation after 2011($5,120,000 for 2012, $5,250,000 for 2013, $5,450,000…
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