by Joel Roettger | Jan 4, 2021 | Estate Planning, Tax
In October 2020, the IRS released Rev. Proc. 2020-45, which sets forth inflation-adjusted items for 2021 or various provisions of the Internal Revenue Code. Some items of interest from an estate planning perspective are the following: Edit Estate Tax Exemption...
by Joel Roettger | Jan 9, 2020 | Estate Planning, Tax
Edit Estate Tax Exemption (“Basic Exclusion Amount”) $11,580,000 Applicable Credit Amount $4,577,800 Generation-Skipping Transfer (GST) Tax Exemption $11,580,000 Gift Tax Annual Exclusion $15,000 Taxable Income Threshold at which Highest Rate Applies for...
by Joel Roettger | Mar 11, 2019 | Estate Planning, Tax
Estate Tax Exemption ("Basic Exclusion Amount")$11,400,000 Applicable Credit Amount$4,505,800 Generation-Skipping Transfer (GST) Tax Exemption$11,400,000 Gift Tax Annual Exclusion$15,000 Taxable Income Threshold at which Highest Rate Applies for Trusts/Estates$12,750...
by Joel Roettger | Jul 19, 2018 | Estate Planning, Tax, Trusts
Wife transfers property to a trust for the benefit of Husband. The trust is intentionally structured so as not to qualify for the gift tax marital deduction. Wife files a gift tax return in connection with the gift, and Husband consents to split the gift. Husband is...
by Joel Roettger | Dec 18, 2017 | Estate Planning, Tax
If the Tax Cuts and Jobs Act passes, the number of estates subject to the death tax is about to get even smaller, at least temporarily. Generally speaking, the Basic Exclusion Amount is the aggregate amount a taxpayer may transfer, during life and/or at death, to...
