Obama's death taxes
and income taxes will take about 75% of your retirement account balance when you die.
In fact, the entire amount of the deceased spouse's wealth can be allocated to the CST without death taxes
, provided the death occurs this year, and provided Congress does not retroactively enact an estate tax applicable to the date of the client's death.
Clients with estates large enough to be concerned about death taxes
may very well have homes in different states.
Wise Trust and its trustee, National City Bank, which challenged the Ohio Department of Taxation (ODT) in the imposition of the additional tax in excess of the federal credit for state death taxes
allowable for federal estate tax purposes.
691 nor 1022 provides an adjustment to basis for state death taxes
paid on items of income in respect of a decedent (IRD).
State death taxes
have not been repealed or reduced.
The federal credit for state death taxes
is reduced by 25 percent each year from 2002 to 2004 and is repealed in 2005.
States, including California, have been deriving significant revenues from the federal estate tax credit for state death taxes
These countries may impose death taxes
on your worldwide assets, so even if they do offer a tax credit on assets outside their borders, it may not be enough to fully offset the impact of double taxation.
Trusts can be valuable when planning for death taxes
, probate administration, continued control of property or some combination of all three.
This eminently practical deskbook will help you achieve considerable savings of income, property, gift and death taxes
- even without an actual change of situs.
The easiest way to avoid all death taxes
is to spend your money before you go.