Questions About Estate Tax

How Much Money Can I Give Without Paying Gift Tax?

Under our country’s tax laws, it is the person making a gift (the donor) who is responsible for any federal gift tax that is due. The gift’s recipient (the donee) is not required to pay any income taxes on the value of the gift received. The annual gift tax exclusion, the maximum amount a donorRead More

Did the Tax Cuts and Jobs Act Preserve the Step-Up in Basis?

Under our country’s tax laws, it is the person making a gift (the donor) who is responsible for any gift tax that is due. The gift’s recipient (the donee) is not required to pay any income taxes on the value of the gift received. However, the donee is responsible for paying any capital gains taxesRead More

The State of the Estate Tax After Tax Cuts and Jobs Act

The Tax Cuts and Jobs Act was signed into law on December 22, 2017. It represents the most significant tax overhaul in decades. Although efforts by the House of Representatives to completely repeal the federal estate tax were unsuccessful, the bill signed into law doubled the amount individuals can exempt from taxation. Before the newRead More

Will My Estate Have to Pay an Estate Tax?

NB: For information on the current state of the estate tax in light of the Tax Cut and Jobs Act, click here. One of the biggest issues of concern for my clients is the federal estate tax. Their concern stems from the fact that some politicians have labeled it the “death tax,” which gives them theRead More

2016 Gift and Estate Tax Limits

The IRS recently announced the estate and gift tax limits for 2016. In 2016, the exemption amount for individuals increased from $5.43 million to $5.45 million, which means that individuals can leave that much to their heirs with no estate tax or gift tax liability. Married couples can shield double that amount from estate andRead More

IRS Recognizes Same-Sex Marriages For Federal Tax Purposes

A couple of months ago, after the Supreme Court ruled that Section 3 of the Defense of Marriage Act was unconstitutional, I explained that there was still uncertainty about the impact the decision would have on couples who are legally married and move to states that do not recognize their marriage, like Texas. This isRead More