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Posts Tagged ‘gift tax’

With The New Year Come New Limits For the Estate and Gift Tax Exemption

On the campaign trail, President Trump promised to repeal the estate tax aka death tax. That plan failed. But the new tax law, effective since the beginning of the year, significantly reduces the number of estates that will need to pay the tax. It doubles the exemption limit for the estate, gift and generation-skipping taxes set for 2017. Portability remains in effect, as does the marginal estate tax rate of 40 […]

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Don’t Overlook International Estate and Gift Tax Treaties

White envelope with ribbon & a pencil

Gift and estate tax issues can be especially complex in the case of an individual whose domicile or property spans multiple countries. Each country has its own gift and estate tax laws, and when a decedent resides in one country while owning property in another, the estate may be subject to both higher and duplicative taxes. A huge potential variable is the existence of an estate and gift tax treaty […]

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Feeling Generous? Learn Why the IRS Levies the Gift Tax and When it Doesn’t

Let’s say you’re having a good year financially, you’re single and without family obligations, and you decide to help out a nephew who is struggling to pay for his college education. You look at your various accounts, think about the appreciation of that piece of real estate that you bought two years ago, and you come up with a number; a check in the amount of $20,000, you think, would […]

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Tax Savers But Complicated: Life Insurance Trusts

How much life insurance do you carry? Just enough to cover your funeral expenses? Enough for your stay-at-home partner and your children to make it through until the kids have finished college? Enough for your spouse to live comfortably to the end if he or she invests the money wisely? In estate planning terms, does it even matter? Actually, no. What counts is: Will your life insurance, once it is […]

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