With the large, inflation-adjusted estate tax exemption amount and portability, fewer taxpayers are subject to estate taxes
When planning for state estate taxes
, though, be sure to work with an attorney licensed in the state of your client's primary residence to ensure that you are taking the proper steps to protect your client's legacy.
Advisors may find it increasingly common for estates to owe state estate taxes
, state inheritance taxes or both--even if there is no federal estate tax liability.
In the absence of legislative intervention, the existing Illinois statutory scheme parallels EGTRRA's sunset by providing no Illinois estate taxes
for 2010, with a return in 2011 to the good old days of the $1 million estate tax exclusion amount and 2011 credit computations.
Downtown New York, by contrast, showed only slight increases in real estate taxes
relative to midtown.
Unlike homeowners, who incur and pay their real estate taxes
directly, tenant-stockholders of a housing corporation indirectly pay real estate taxes
incurred by the corporation through their rent.
This may be the reason why it is likely that estate taxes
will stick around.
They are usually less expensive than insuring both lives separately, and they provide often-needed liquidity to disburse assets to heirs and/or to pay estate taxes
Since the children don't want to sell the real estate in a short period of time, they take a withdrawal of $2 million to pay the estate taxes
They own their home jointly, paying $20,280 a year in mortgage interest and $4,000 in real estate taxes
As well as serving as a useful conservation tool, an easement can both qualify as a tax-deductible gift and significantly reduce property and estate taxes
If the combination of these assets exceeds $600,000, your heirs will have to pay federal estate taxes