If you are serving as the Executor of an estate, you have numerous duties and responsibilities. Among those are determining if the estate owes federal gift and estate taxes and if so, making sure the taxes are paid correctly and on time. To help you avoid making a mistake, the Grand Forks probate attorneys at German Law discuss calculating and paying federal gift and estate taxes. Estate Administration Basics Probate is the name given to the legal process involved in administrating the … [Read more...] about Estate Administration 101: How to Pay Estate Taxes
If you are fortunate enough to have a moderate to large estate, one of the most important factors to consider when creating your estate plan is the impact federal (and in some cases state) gift and estate taxes will have on your estate. Failing to plan for the possibility that your estate could owe estate taxes could dramatically reduce the value of the estate you pass down to loved ones after you are gone. With that in mind, the Grand Forks estate planning lawyers at German Law discuss recent … [Read more...] about Gift and Estate Taxes
Whether you are planning your own estate, or are involved in the probate of an estate of a family member or loved one, you need to have a firm understanding of how taxes will impact the estate of a decedent. Failing to understand how federal and state estate taxes impact an estate could lead to losing a significant portion of your own estate to taxes or could lead to a considerable amount of confusion if you are involved in the probate of an estate of a family member or loved one. You are likely … [Read more...] about Does North Dakota Impose Estate Taxes on an Estate?
Creating a comprehensive estate plan requires more than simply deciding who will receive your assets when you are gone. Along with making those decisions, you must think about protecting and growing your assets while you are alive as well as the impact of estate taxes at the time of your death. Failing to consider the impact of federal gift and estate taxes could result in the loss of a significant chunk of your estate. Every dollar lost to Uncle Sam in estate taxes is one less dollar your loved … [Read more...] about How Can I Avoid Estate Taxes?
One of the primary concerns when you create your comprehensive estate plan should be the impact federal gift and estate tax will have on the estate you leave behind. Without careful planning, your estate could lose a significant percent of its assets to taxes. Every dollar your estate loses to federal gift and estate taxes is one less dollar that will be available to provide for your loved ones in your absence. Creating an estate plan that is focused on reducing your estate’s exposure to taxes, … [Read more...] about Gift and Estate Tax Made Simple
The federal estate tax is not a factor for everyone, because there is a credit or exclusion. This is the amount that can be transferred before the estate tax would be applied. For a number of years, this figure was moving around quite a bit, but there has been some consistency since 2011. To provide some background information, during the 2010 calendar year, the estate tax was repealed entirely. This one year repeal was contained within the Bush era tax cuts. Under the laws as they … [Read more...] about Estate Tax Exclusion Will Rise Slightly in 2016