Since the federal estate tax was resurrected on January 1, 2011, the IRS has allowed for the concept of portability as a valuable post-mortem planning tool for married couples. When an individual dies, his or her estate is exempt from this tax for an amount known as the “applicable exclusion amount.” This amount is in […]
Mike and Carol are a couple who both have children from a prior marriage. Mike has three sons – Greg, Peter and Bobby. Carol has three daughters – Marcia, Jan and Cindy. After several years of marriage, they decide to execute Wills. Wanting to keep it “simple,” Mike leaves everything to Carol, with the understanding […]
With the beginning of another year comes changes in the laws effecting federal estate and gift taxes. There are three primary taxes in this area: (1) federal estate, (2) the generation skipping transfer (GST), and (3) the gift tax. For the year 2014, the exclusion from the federal estate tax is $5,340,000. This is an […]
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