Questions About Estate Tax

Estate Tax Certainty…For Now

  NB: For information on the state of the estate tax in light of the Tax Cut and Jobs Act, click here. For more than a decade, the estate tax was in a state of flux. Estate Tax Uncertainty In 2001, estate taxes of up to 60 percent were due on estates valued at over … Read More

Does Every Estate Have To Pay An Estate Tax?

I often get calls and emails from Texans concerned about the amount of federal estate taxes that will be owed after their death. They worry that their estates won’t be liquid enough to pay those taxes and that their families will have to sell property to satisfy the estate’s tax liability. The vast majority of … Read More

The Future of the Estate Tax

NB: This article was published on July 25, 2012 and contains information that may be outdated. For current information regarding the estate tax, read: Estate Tax Certainty…For Now. On December 17, 2010, President Obama signed the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 into law, which sets the federal estate tax rate at … Read More

Do I Have To Pay Taxes On An Inheritance From A Foreign Relative?

In the United States, those who receive gifts are not required to pay any gift taxes. The burden of paying the gift tax falls on the gift-giver. The same is true for those who receive testamentary gifts. The fact that the gift is from a foreign person is irrelevant. Although gifts or inheritances from foreign … Read More

Estate Planning for Couples

The American Taxpayer Relief Act of 2012 sets the estate tax rate at 40 percent for individual estates valued at over $5 million, indexed for inflation. Additionally, can pass up to $10 million free of estate tax because a deceased spouse can transfer any unused tax exemption to his surviving spouse, a concept tax professionals … Read More

Does Texas Have an Inheritance Tax?

The short answer to the question is no. Before 1995, Texas collected a separate inheritance tax, called a “pick-up tax.” The tax did not increase the total amount of estate tax paid upon death. Rather, a portion of the federal estate tax, equal to the allowable state death tax credit on the federal estate tax … Read More