what is the unlimited marital estate tax deduction
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196 North Main St., PO Box 417, Naples NY 14512
1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817
WHAT IS THE UNLIMITED MARITALESTATE TAX DEDUCTION
196 North Main St., PO Box 417, Naples NY 14512
1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817
FEDERAL ESTATE TAX
There is a federal estate tax that you should be aware of when you are planning your estate.
196 North Main St., PO Box 417, Naples NY 14512
1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817
If you are a high net worth individual, it can have a significant
impact on your legacy.
196 North Main St., PO Box 417, Naples NY 14512
1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817
ESTATE TAX PARAMETERS
196 North Main St., PO Box 417, Naples NY 14512
1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817
The federal estate tax credit or exclusion is $5.43 million in 2015.
196 North Main St., PO Box 417, Naples NY 14512
1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817
You can transfer up to $5.43 million tax-free, but further transfers are
potentially subject to the estate tax.
196 North Main St., PO Box 417, Naples NY 14512
1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817
The top rate of the tax is 40 percent.
196 North Main St., PO Box 417, Naples NY 14512
1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817
ESTATE TAX MARITAL DEDUCTION
196 North Main St., PO Box 417, Naples NY 14512
1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817
You would be using a portion of your exclusion to leave tax free
bequests to anyone other than your SPOUSE.
196 North Main St., PO Box 417, Naples NY 14512
1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817
There is an unlimited marital estate tax deduction.
196 North Main St., PO Box 417, Naples NY 14512
1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817
This allows you to leave unlimited property to your spouse tax-free.
196 North Main St., PO Box 417, Naples NY 14512
1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817
FEDERAL GIFT TAX
196 North Main St., PO Box 417, Naples NY 14512
1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817
In addition to the estate tax, there is also a federal gift tax.
196 North Main St., PO Box 417, Naples NY 14512
1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817
The two taxes are unified, so the exclusion applies to lifetime gift giving along with postmortem
asset transfers.
196 North Main St., PO Box 417, Naples NY 14512
1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817
The unlimited marital deduction also applies to lifetime gifting.
196 North Main St., PO Box 417, Naples NY 14512
1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817
AMERICAN CITIZENSHIP
196 North Main St., PO Box 417, Naples NY 14512
1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817
The unlimited marital deduction is only afforded to a citizen spouse.
196 North Main St., PO Box 417, Naples NY 14512
1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817
If you are married to someone who is a citizen of another country, you cannot use the unlimited
marital deduction.
196 North Main St., PO Box 417, Naples NY 14512
1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817
NEW YORK STATE ESTATE TAX
196 North Main St., PO Box 417, Naples NY 14512
1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817
In New York, there is a state-level estate tax.
196 North Main St., PO Box 417, Naples NY 14512
1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817
Until April 1st of 2015, the New York exclusion is $2,062,500.
196 North Main St., PO Box 417, Naples NY 14512
1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817
There is also an unlimited marital deduction on the state level.
196 North Main St., PO Box 417, Naples NY 14512
1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817
ESTATE TAX EFFICIENCY STRATEGIES
196 North Main St., PO Box 417, Naples NY 14512
1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817
If you are exposed to death taxes, action is required.
196 North Main St., PO Box 417, Naples NY 14512
1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817
Contact us if you would like to discuss tax efficiency strategies with
a licensed attorney.
196 North Main St., PO Box 417, Naples NY 14512
1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817
LEARN MORE ABOUT MARITAL ESTATE TAX DEDUCTION IN ROCHESTER
NEW YORK
196 North Main St., PO Box 417, Naples NY 14512
1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817
Click to visit mrobinsonlaw.com.Or call us at (585) 374-5210 to
schedule a consultation.