IRS Increases Estate Tax Exemption for 2015
The estate tax exemption for 2015 has jumped to $5.43 million per person, up from $5.34 million, due to an adjustment for inflation, the IRS has announced. For a married couple, the combined exemption increases to nearly $11 million, notes a story in the Wall Street Journal. The annual gift […]
How Much Estate Tax Will I Pay?
The top tax bracket for the federal estate tax is currently at 40 percent. This might seem high, but as a recent article points out, very few people actually pay this tax. Most estates are entirely exempt from estate tax. There is a $5,340,000 exemption from federal estate tax, meaning […]
The Right Time for Estate Planning
As estate planning attorneys, we are often asked, “When should I do my estate plan?” The answer is: “Anyone who is over the age of 18.” Estate planning is critical to everyday living for adults over the age of 18, and should be one of the priorities regardless of your […]
DOMA is Unconstitutional, Now What?
When the U.S. Supreme Court handed down their ruling last Wednesday, striking section 3 from the Defense of Marriage Act (DOMA) as unconstitutional, the Court radically changed the estate planning laws for many same-sex married couples. Not only are marriages of same-sex couples is now recognized as legal under federal […]