The Gift Tax annual exclusion in 2009 is $13,000. This allows an individual to gift up to $13,000 of cash property per year to each child (or any other person), free of any gift tax. If you are married, you can gift $26,000 per year, per person tax-free. This could be from your property, your [...]
Category Archives: Estate Taxes
August 19, 2009
What is a Credit Shelter Trust?
This is probably the most popular type of arrangement for married couples with substantial estates. It provides that at the death of the first spouse, his/her estate will be split into two parts. One part, equal to the estate tax exemption amount ($3,500,000 in 2009) would go into a Trust so it would not be [...]
August 18, 2009
So You Think Your Estate is a “Small” Estate?
You may not think you have a “small” estate after knowing the following. Assets that are included in determining the value of your Estate may surprise you. Your gross estate for Federal estate tax purposes is a broad concept. It is not limited to probate property or by state tax exemptions. It includes all your [...]
August 4, 2008
The Basics of the Federal Estate Tax
At first, most clients that meet with me think that they do not have a large enough Estate to be concerned about it being taxed when they pass away. When I have completed asking them questions they are amazed at the true value of their Estate. The reality is that many people need to start planning [...]
