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Posts tagged "Estate tax"

Changes in gift, estate tax set to take place in 2013, P.2

In our previous post, we began looking at the various changes set to take place in the income tax and estate/gift tax systems. These changes, which could be significant, should prompt readers-especially those who are wealthy-to review their estate plan to take maximum advantage of the current situation.

Changes in gift, estate tax set to take place in 2013, P.1

At the start of 2012, all the same incentives to engage in estate planning that were present in 2011 are still present. What may be different, though, is a greater sense of urgency, as things are set to change at the end of the year, unless Congress takes action. Both in terms of income taxes and estate/gift taxes, changes are in store.

Estate tax portability: file your estate tax return to take advantage

Estate planning attorneys and their clients are keeping busy filing 2011 estate tax returns, despite the fact that the smallest number of estates in 75 years will actually owe any estate tax in 2011. The reason? Estate tax portability.

Estate tax portability: file your estate tax return to take advantage

Estate planning attorneys and their clients are keeping busy filing 2011 estate tax returns, despite the fact that the smallest number of estates in 75 years will actually owe any estate tax in 2011. The reason? Estate tax portability.

Rumors of immediate changes to estate/gift tax unlikely

As we have frequently mentioned on this blog, the current state of the federal estate tax and gift tax exemption is precarious. Through 2012, the lifetime combined exemption amount (for gift tax and estate tax) is set at $5 million, which is affording many people the opportunity to pass on more of their wealth. If no action is taken by Congress, that amount will revert back to $1 million in 2013. It is possible that Congress will change the numbers to something completely different though.

In New Jersey, tax planning includes inheritance tax, P.1

Though inheritance tax is something many New Jersey residents may not be aware of, it is part of the reality of estate planning in this state. Inheritance tax is basically a tax imposed on an estate based on who inherits the assets. New Jersey's inheritance tax is additional to the estate tax at the federal and state level.

Same sex couples in NY see estate tax changes, P.2

In our previous post, we mentioned that the New York Department of Taxation and Finance recently published new guidelines for same sex couples for understanding their rights and responsibilities under New York's recently passed marriage equality law.

Same sex couples in NY see estate tax changes

As most of our readers are probably aware, New York legalized gay marriage last month, and as a result, there are now various changes in tax law for gay couples. As a recent New York Times article points out, the new rules will apply to all legally married gay couples living in New York, regardless of where they were married. Federal law, of course, does not recognize gay marriages, so gay couples in New York, at present, have a different tax status at the state and federal levels.

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