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1). How a Living Trust Can Help You Disinherit Uncle Sam By : John Erik Fraker, Esq.
Copyright 2006 Ainer & Fraker, L.L.P.
A living trust can help you reduce your estate tax liability to Uncle Sam. To see how this tax reduction works, let’s examine the following hypothetical case:
Client Family has an estate of $4 million. The husband dies in 2006, leaving his entire estate to his Wife.
Under the 2006 tax rate, each spouse is entitled to an exemption of $2 million (known as Unified Credit Amount), which is not subject to Federal Estate Tax.
Article Related to: living trust, will, estate plan, estate planning, tax, estate tax, probate, trust
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2). Estate Tax: What It Is And How It Is Filed By : Gray Rollins
According to the Internal Revenue Service (IRS), an Estate Tax is a tax that is imposed on your right to transfer your property and belongings after your death. The individual who is in charge of handing and filing an Estate Tax return is often the estate representative. An estate representative can be a family attorney or a family member who was declared the executor of an estate in a will.
Article Related to: estate tax, tax law, taxes
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3). Tax Returns for the Deceased By : Richard A. Chapo
Two things in life are certain – death and taxes. Here’s what to do if the two are combined as far as filing a tax return.
Tax Returns for the Deceased
If a person dies, their finances are immediately converted into something called an estate. The estate is then responsible for filing a tax return covering the finances including income and distributions to heirs and beneficiaries.
Article Related to: death, taxes, tax, irs, tax return, estate tax, deceased, dead, final return, tax refund
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