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 | Nov 13, 2018 | Estate Planning, Probate, Tax, Trusts
No, but you would not know that from reading the statute. The 65-day rule is a taxpayer-friendly provision involving the income taxation of trusts and estates. It allows the trustee of a trust or executor of an estate to treat certain distributions made in one tax...
by Joel Roettger | Apr 17, 2018 | Estate Planning, Tax, Trusts
$1 - $2,54910% $2,550 - $9,149$255 plus 24% of the excess over $2,550 $9,150 - $12,499$1,839 plus 35% of the excess over $9,150 > $12,500$3,011.50 plus 37% of the excess over $12,500 These numbers will be adjusted annually for inflation based on the chained consumer...
