If you are fortunate enough to have a moderate to large estate, one of the most important factors to consider when creating your estate plan is the impact federal (and in some cases state) gift and estate taxes will have on your estate. Failing to plan for the possibility that your estate could owe estate taxes could dramatically reduce the value of the estate you pass down to loved ones after you are gone. With that in mind, the Grand Forks estate planning lawyers at German Law Group discuss … [Read more...] about Gift and Estate Taxes
Creating a comprehensive, and successful, estate plan requires you to consider much more than just who will receive your estate assets after you are gone. For example, protecting your estate assets to ensure they are available to pass down at the end of your life should also be an important consideration in your plan. One of the biggest potential threats to your estate assets actually occurs just after your death in the form of federal gift and estate assets. To help ensure that you understand … [Read more...] about Federal Gift and Estate Tax
Whether you are planning your own estate, or are involved in the probate of an estate of a family member or loved one, you need to have a firm understanding of how taxes will impact the estate of a decedent. Failing to understand how federal and state estate taxes impact an estate could lead to losing a significant portion of your own estate to taxes or could lead to a considerable amount of confusion if you are involved in the probate of an estate of a family member or loved one. You are likely … [Read more...] about Does North Dakota Impose Estate Taxes on an Estate?
Creating a comprehensive estate plan requires more than simply deciding who will receive your assets when you are gone. Along with making those decisions, you must think about protecting and growing your assets while you are alive as well as the impact of estate taxes at the time of your death. Failing to consider the impact of federal gift and estate taxes could result in the loss of a significant chunk of your estate. Every dollar lost to Uncle Sam in estate taxes is one less dollar your loved … [Read more...] about How Can I Avoid Estate Taxes?
One of the primary concerns when you create your comprehensive estate plan should be the impact federal gift and estate tax will have on the estate you leave behind. Without careful planning, your estate could lose a significant percent of its assets to taxes. Every dollar your estate loses to federal gift and estate taxes is one less dollar that will be available to provide for your loved ones in your absence. Creating an estate plan that is focused on reducing your estate’s exposure to taxes, … [Read more...] about Gift and Estate Tax Made Simple
The federal estate tax is not a factor for everyone, because there is a credit or exclusion. This is the amount that can be transferred before the estate tax would be applied. For a number of years, this figure was moving around quite a bit, but there has been some consistency since 2011. To provide some background information, during the 2010 calendar year, the estate tax was repealed entirely. This one year repeal was contained within the Bush era tax cuts. Under the laws as they … [Read more...] about Estate Tax Exclusion Will Rise Slightly in 2016
The federal estate tax packs a big punch with its 40 percent maximum rate. Fortunately, most people are not exposed to the tax, because it is only applicable on asset transfers that exceed $5.43 million. However, everything that you own counts toward this figure, even your land. As a result, even if you do not consider yourself to be extraordinarily wealthy, you could be exposed to the tax if you own valuable real estate. We should point out the fact that this tax is not applicable on … [Read more...] about Does a Revocable Living Trust Provide Estate Tax Efficiency?
\what Is the Generation-skipping Transfer Tax? from Raymond German You pay taxes at every turn throughout your life. Given this reality, you would like to think that your estate can be transferred free of taxation. However, the tax man does not concur. … [Read more...] about What Is the Generation-skipping Transfer Tax?
A revocable living trust is an estate planning device that is overlooked by some people who are convinced that they should definitely use a last will as an asset transfer vehicle. Many people make this assumption because they think that trusts are only used by multimillionaires. This is definitely not the case when it comes to a revocable living trust, and you do not lose control of assets that you convey into a revocable living trust. While you are alive and fully capable of making sound … [Read more...] about Do I Retain Control of Assets in a Revocable Living Trust?
This citizenship requirement tells you something about the value of the marital deduction as an estate planning strategy. The tax man does not extend the marital deduction to non-citizens because a surviving spouse who is a citizen of another country could return to that country with a tax-free inheritance. Topics covered in this report include: Estate Tax Exclusion Portability Federal Gift Tax Click here to read the whole article or download the PDF. … [Read more...] about Free Report: What is the North Dakota Estate Marital Tax Deduction