The Kiddie Tax can apply to the unearned income of children. Read on to learn if this tax applies to you or your children. Also, learn ways to avoid the Kiddie Tax. Kiddie Tax is Worse Than Ever … [Read more...] about Kiddie Tax is Worse Than Ever
Receiving an inheritance from a loved one can be thrilling, but for some it may also cause some concern. In fact, there are a host of questions you may have when you receive the news that an inheritance is coming your way - including, "Does this mean that I'm going to have to pay tax on this inheritance?" Inheritance tax is different from estate taxes, which is also different from (although related to) the gift tax. Whether or not you will be required to pay an inheritance tax depends on … [Read more...] about Common Questions about Nevada Inheritance Tax
During this Holiday season, the majority of us get wrapped up (pun intended) in giving. 'Tis the season, right? But did you know that certain gifts may be subject to a transfer tax? Whenever ownership of property is transferred, the IRS imposes a “gift tax.” What is considered a gift? According to the government, a gift is “any transfer to an individual, either directly or indirectly, where full consideration is not received in return.” Despite the general rule that all gifts are taxable, … [Read more...] about 'Tis the Season for Giving – The Annual Gift Tax Exclusion
Estate Issues Following the Death of a Spouse from Brad Anderson The death of a spouse is always traumatic. In that time of loss, the surviving family members are often at a loss as to what needs to be done. Whether you and your spouse had a living trust, a will, or some other estate planning tool, there are some initial things that will need your attention. … [Read more...] about Estate Issues Following the Death of a Spouse
Considering how to pass your wealth on to the next generation? Then the generation skipping tax is something with which you should be familiar. The generation skipping transfer tax is a tax assessed on property as it is passed on to a generation that is two or more levels below the generation actually transferring the property. Simply put, if you transfer your property to a grandchild, instead of your daughter or son, the transfer would be subject to the generation skipping tax. The same is … [Read more...] about What is the Generation Skipping Tax in Reno?
So, you just received a notice that you will inherit from your great aunt’s estate. A wonderful surprise, no doubt. Of course, an estate may be required to pay taxes to the government, but do heirs pay taxes on the inheritance they receive from someone’s estate? The answer depends entirely on which state you live in. Since state laws are always subject to change, you should check with competent counsel in your state if you are receiving an inheritance. What is inheritance tax? An … [Read more...] about Do Heirs Pay Taxes on Inheritance?
You have to be concerned about taxation when you are planning your estate. Taxes on asset transfers at death are going to be a factor for many high net worth families. Nevada, however, has no inheritance or estate tax, so we only have to be concerned about the federal estate tax. There is an estate tax credit or exclusion. In 2014 the amount of this exclusion in this country, including Reno Nevada, is $5.34 million. Lifetime asset transfers exceeding this amount are potentially subject to a … [Read more...] about Inheritance Tax in Reno: Do I Pay Taxes When Someone Leaves Me Money?
During 2010 the estate tax was temporarily repealed. This repeal was in place due to provisions that were included in the Bush era tax cuts. Under the laws as they existed during 2010, the estate tax would return in 2011. The amount of the federal estate tax credit or exclusion would be just $1 million. The top rate for estates in excess of $1 million was scheduled to come in at 55 percent. In 2009 the estate tax exclusion was $3.5 million, and the top rate was 45 percent. It seemed that come … [Read more...] about IRS Releases Amount of 2014 Estate Tax Exclusion Adjustment
Wealth preservation involves the deployment of estate tax strategies. To determine whether or not your wealth is potentially subject to the estate tax before it is passed on to your heirs you should be aware of the federal estate tax exclusion. For the rest of this year the estate tax exclusion is $5.25 million. The maximum rate of the federal estate tax is 40% under the provisions of the American Taxpayer Relief Act of 2012. (Ironically, prior to this "relief" the maximum rate was 35%.) Under … [Read more...] about How Large of an Estate Can Pass Federal Estate Tax Free in Nevada?
The Sopranos television series obviously generated a lot of revenue, and as you might imagine "Tony Soprano" James Gandolfini left behind a considerable estate. At the time of his passing his net worth was estimated to be approximately $70 million. The accumulation of wealth can result in a great deal of estate tax liability if you don't take the correct steps to position your assets with wealth preservation in mind. Apparently the actor did not plan ahead very effectively. He did have an estate … [Read more...] about Estate Taxes to Erode Gandolfini Estate