Estate Tax

Forbes 400 Members Avoided State Death Taxes On $81 Billion In Wealth By Moving

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  A whopping $80.7 billion of 2001 Forbes 400 wealth escaped state estate taxes because billionaires moved to states without estate taxes through 2017, according to estimates from a new National Bureau of Economics research paper. Billionaires avoiding taxes, that’s a given. But the surprise finding is this: The revenues states can bring in from death taxes outweigh lost income taxes from the rich who flee. That’s significant because the case for taxing billionaire’s estates at death could be used … Continued

$30 Million Estate Tax Case Going To Be ‘Hard,’ Judge Says

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  A judge said he remains unsure how to rule following a four-day trial in which the IRS accused a taxpayer of using life insurance policies to avoid estate taxes. “I look forward to your briefs because for me this is going to be a hard case,” said U.S. Tax Court Senior Judge Joseph Goeke on Oct. 11, at the end of the trial. The issues remaining 5.5 years into the case are whether six life insurance policies at their … Continued

Current Estate And Gift Tax Proposals In Congress – Family and Matrimonial – United States

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  Current TCJA Gift and Estate Tax Laws Under the TCJA law, effective January 1, 2018, each person is granted an exemption of $11.18 million from payment of U.S. gift tax and, to the extent not applied toward gift tax, U.S. estate tax. This exemption effectively shelters the taxpayer up to an aggregate amount of $11.18 million in 2018, twice the amount that was applicable in the year before. For each year after 2018, this exemption amount will be indexed … Continued

Simple Move Can Boost Your Estate-Tax Exemption – Barron’s

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  Listen up, financial advisors: There’s a simple way to help wealthy clients shield more of their estates from taxes, yet it’s often overlooked. Newsletter Sign-up That’s according to InvestmentNews, which looks at what’s known as “portability” for married couples. This strategy allows a surviving spouse to inherit their deceased spouse’s estate-tax exemption, which – thanks to the 2017 tax law – currently stands at $11.4 million for individuals. That means the surviving spouse can pass down $22.8 million to … Continued

Eight Things You Need To Know About The Death Tax Before You Die

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  The federal estate tax (sometimes called the death tax) is a one-time tax that is imposed at death. If you die with a certain dollar amount of assets – currently, estates under $11.4 million are exempt, but this reverts back to $5 million in 2026 – a federal estate tax return is required and a tax will be due. If a return is required, it is due nine months after the date of death. Sometimes people confuse the estate … Continued