Currently, 19 states and the District of Columbia impose estate or inheritance taxes, or both, in addition to the federal estate tax
2, 2014 /PRNewswire/ -- Abacus Life Settlements, a leading provider in the secondary market for life insurance, today called for establishing greater consumer awareness of the options available to seniors who no longer need life insurance policies purchased for federal estate tax
WHAT CONGRESS DID: Fixed the federal estate tax
exclusion at $5 million, indexed annually to inflation, putting the individual exclusion at $5.
12: Preparing Form 706: The Federal Estate Tax
The American Farm Bureau Federation has for years lobbied Congress to repeal the federal estate tax
because of alleged hardships visited on the estates of some farmers.
111-312) (the 2010 tax act) relating to the federal estate tax
If the federal estate tax
exemption amount stays at the $5 million level or close to it, then certainly fewer estate owners will have to worry about federal estate taxes
In 2010, the federal estate tax
or "death tax" was entirely eliminated, but only for 2010.
There are two approaches to federal estate tax
planning under this law.
The full amount of the interest is deductible on J's federal estate tax
return due nine months after the date of death, even though the interest is not actually payable for 15 years.
Under prior law, the unused exemption amount of a deceased spouse could not be utilized by the surviving spouse, and the surviving spouse faced a greater potential for federal estate tax
liability on death.
In addition to these federal gift tax changes, there are numerous federal estate tax
changes contingent upon when a taxpayer passes away.