All You Need to Know About Estate Taxes
- 2008 Estate Tax Rules (3)
- 2009 Estate Tax Rules (4)
- 2010 Estate Tax Rules (5)
- 2011 Estate Tax Rules (6)
- 2012 Estate Tax Rules (7)
- 2013 Estate Tax Rules (7)
What is the Federal Estate Tax?
Some form of federal estate tax has been around since 1916. Learn what the estate tax is, who is subject to it, and when an estate must file a federal estate tax return.
When is a Federal Estate Tax Return Required to Be Filed?
A federal estate tax return, or IRS Form 706, is only required to be filed under very specific circumstances. Regardless, some estates may need to prepare IRS Form 706 strictly for state estate tax purposes or electing portability, while others should consider filing IRS Form 706 even if it is not required to be filed.
Overview of Current Federal Estate Tax Laws
On January 1, 2010, the federal estate tax was officially repealed, but on December 17, 2010, it was reinstated retroactively. Historically the federal exemption from estate taxes and estate tax rate changed and current law provides that the tax will continue to change as shown in the attached "Federal Estate Tax Schedule."
What Value of an Asset is Used for Estate Tax Purposes?
When calculating the value of a gross estate for federal estate tax purposes, there are two different values that can be used: the "date of death" value and the "alternate valuation date" value.
How to Calculate the Value of Your Gross Estate
If you want to calculate your estate tax liability, you'll first need to calculate the value of your gross estate. Here's how.
How to Calculate Your Estate Tax Liability
Whether your estate will be liable for estate taxes depends upon the value of your gross estate, the amount of debt owed by you at the time of your death, the total expenses that will be incurred while settling your estate, and any deductions that your estate can take. Here's how to get an estimate of your estate tax liability.
Overview of 2011 and 2012 Estate Tax and Gift Tax Laws
On December 17, 2010, a new law was enacted that governs estate taxes for the 2010, 2011 and 2012 tax years. Here you will find a summary of what this new law provides for the estates of decedents who die in 2011 or 2012 as well as the gift tax laws for 2011 and 2012.
Exemption From Federal Estate Taxes: 1997 - 2013
The exemption from federal estate taxes has gradually increased over the years while the estate tax rate has gradually decreased. Here you will find a chart that shows the increases in the exemption and decreases in the tax rate from 1997 through 2013.
5 Myths About the 2012 Estate Tax and Gift Tax Laws
At the end of 2010, the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act was signed into law by President Obama. Here you will learn five myths about this short-lived law.
How to Minimize Estate Taxes
While the federal estate tax was originally repealed in 2010, it came back retroactively and remains in effect today. Many states also assess estate taxes and/or inheritance taxes. For people whose estates will be taxable at the state and/or federal level, they have several options for reducing their estate tax bill.
What is the Future of the Federal Estate Tax in 2014 and Beyond?
The passage of the American Taxpayer Relief Act of 2012 has added some certainty to the future of federal estate taxes, or at least many believe this to be the case. Nonetheless, with the federal deficit soaring to record numbers, the need for increasing revenues will continue for years into the future. So what really is the future of federal...
Overview of 2009 Estate Tax, Gift Tax & Generation Skipping Transfer Tax Laws
In 2001, a law was enacted that changed the federal estate tax rules gradually over a ten year period. Here you will find a summary of what the laws provided for the estates of decedents who died in 2009 as well as the gift taxes and generation skipping transfer taxes.
Do You and Your Spouse Still Have "I Love You" Wills?
Do you and your spouse still have "I Love You" wills? If so, then you are missing out on some incredible estate planning opportunities, including estate tax planning, asset protection planning, and keeping your property in your family instead of allowing it to get into the hands of a second or later spouse's family.
Exemption From Federal Estate Taxes: 1916 - 1997
The federal estate tax has been around in some shape or form since 1916. Here you will find a chart that shows historical estate tax exemptions and rates from 1916 through 1997.
How to Calculate Your Estate Tax Liability in 2011
Whether your estate will be liable for estate taxes depends on the value of your gross estate, the amount of debt owed by you at the time of your death, the total expenses that will be incurred while settling your estate, and any deductions that your estate can take. Here's how to figure out an estimate of your estate tax liability if your...