by FamilyTrust | Mar 12, 2014 | Estate Tax Exemptions, Generation-Skipping Transfer, Trust & Estate Blog
President Obama’s budget proposal for 2015, which was released earlier this month, includes provisions to modify Estate and Gift Tax provisions established in the American Taxpayer Relief Act or ATRA, which was passed by Congress in 2013. The proposal would...
by FamilyTrust | Feb 26, 2014 | Estate Tax Exemptions, Trust & Estate Blog, Trust Tax
An article published on Bloomberg’s website BNA.com reported on recent changes to the tax laws that make some trusts’ previously-exempt net investment income taxable in 2014. According to the report, Adrienne Mikolashek, an attorney with the IRS Office of...
by FamilyTrust | Sep 13, 2013 | Definitions, Estate Tax Exemptions
Two separate estate tax exemptions exist that could apply when leaving assets to family, a lifetime tax exemption and a generation-skipping exemption. Lifetime Tax Exemptions The exemption most typically applied is called the Lifetime Tax Exemption, where each...
by FamilyTrust | Jul 23, 2013 | A / B / C Trusts, Credit Shelter Trust, Estate Planning, Estate Tax Exemptions, Indiana
In Spring 2013, Governor Pence signed legislation that eliminated Indiana’s inheritance tax. Earlier in 2013, the US government approved a $5.25 million federal estate exemption with “portability”. Portability means that on the first spouses’ death, the estate can...
