Federal Estate Tax

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Federal Estate Tax

A tax in the United States applied to the value of the estate of a deceased person after all debts of the deceased are paid. The federal estate tax has a large exemption; the amount varies, but is always more than $1 million. The federal estate tax derives fairly little income for the federal government, but it is used to prevent (or at least reduce) the proliferation of dynastic wealth. See also: Death Tax.
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2 million or less would pay no Maryland or federal estate taxes.
Democrats propose $1B in Md. tax relief, plus estate tax change
6% of state tax recollections, and federal estate taxes brought in $21.
States Dumping Estate Taxes but Beware Those That Haven't
According to most estimates, more than 99% of families will have no exposure to federal estate taxes (see Paul Sullivan, "The End of a Decade of Uncertainty Over Gift and Estate Taxes," The New York Times, Jan.
Back to the basics of estate planning: reexamining estate planning needs, regardless of wealth
34 million and likely to be even higher in 2015, few taxpayers need to plan for federal estate taxes.
Year-end estate tax planning
A relatively larger share of commercial farms is projected to owe federal estate taxes in 2013 (Figure 1).
The effects of the federal estate tax on farm households
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.
Q&A: estate planning with life insurance: why a traditional product continues to have relevance in a changing market
5 million in federal estate taxes (assume no state estate tax).
The estate tax dilemma: protecting the interest expense deduction on estate loans
Joe's estate of $26,532,977 would face federal estate taxes of $14,043,137.
Planning amidst estate tax uncertainty: confusion created by current federal estate tax ambiguity provides an excellent opportunity to reconnect with clients and reassess planning needs
To further minimize federal estate taxes, servicemembers should understand how to calculate the estate tax due in a comprehensive manner consisting of five steps (see Appendix C).
Setting servicemembers up for more success: building and transferring wealth in a challenging economic environment - a tax and estate planning analysis
In 2009, estates less than $3,500,000 were shielded from federal estate taxes, provided the estate had been properly planned.
Pointers
If the surviving spouse would eventually be subject to federal estate taxes using the lower $2 million state exclusion in the first deceased spouse's estate, the family probably would be better off increasing the credit shelter trust to $3.
The Illinois QTIP election to the rescue
Corrections: In our June/July Advance item "A Pair of Queens," we reported that Annie Leibovitz had to pay exorbitant income taxes on her inheritance from her partner; to be technically accurate, we should have said federal estate taxes.
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