Wills and Estates
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What are estate taxes ?
You acknowledge that LAWCHEK™ owns all rights, title, and interest, including and without limitation all intellectual property rights (as defined below), in and to the forms and information (including LAWCHEK™ website and brand features, including implied licenses, and excluding items licensed by LAWCHEK™ from third parties and excluding any third party property), and that you will not acquire any rights, title, or interest in or to the legal forms or information or copyrights, except as expressly set forth on the site in regard to using the legal forms for information gathering purposes. You will not modify, adapt, translate, prepare derivative works from, decompile, reverse engineer, disassemble or otherwise attempt to derive source copyright from any LAWCHEK™ services or documentation, or create or attempt to create a substitute or similar service or product through use of or access to this website or proprietary information related thereto. You will not remove, obscure, or alter the LAWCHEK™ copyright notice, brand features, or other proprietary rights notices affixed to or contained within any LAWCHEK™ services, software, or documentation (including without limitation the use of LAWCHEK™ brand features with online legal forms, web hosting services, website html codes, or LAWCHEK™ website copyrights, as applicable). "Intellectual Property Rights" means any and all rights existing from time-to-time under patent law, copyright law, semiconductor chip protection law, moral rights law, trade secret law, trademark law, unfair competition law, publicity rights law, privacy rights law, and any and all other proprietary rights, as well as, any and all applications, renewals, extensions, restorations, and re-instatements thereof, now or hereafter in force and effect worldwide.
This is not a substitute for legal advice. An attorney must be consulted. To find an attorney in your area, please CLICK HERE.
What are estate taxes ?
Generally, a taxable estate of $600,000 or more will incur federal estate tax. The taxable estate includes an add-back for taxable gifts (those exceeding the $10,000 annual exclusion) made during life. The gift and estate tax structure are combined into one progressive tax rate structure affecting transfers both while living and at death. In other words, during one's lifetime a person can gift away up to $600,000 without paying any federal gift tax, and whatever portion of the unified credit has not been used during life is available at death. As an example, suppose Mother gave a $50,000 one time gift to each of her four children while she was living. She was required to file a gift tax return and report the $200,000 in gifts, even though no tax was currently due. Upon her death, $400,000 of the unified credit equivalent is available to offset her taxable estate.
There are several deductions from the gross estate in arriving at the taxable estate. The most important is the marital deduction, which is explained in a separate question. Other deductions are allowed for transfer to a charity, debts, allowable claims against the estate, and expenses of estate administration. IRC Sec. 2053. See question on Gross Estate for explanation of what is contained within the gross estate.
The unified credit offsets estate and gift tax liability of $192,800, which exempts $600,000 of taxable estate value from estate tax. IRC Sec.2010. This is oftentimes referred to as the $600,000 exemption, although it actually is a credit against tax for $192,800, which equates to a $600,000 exemption equivalent.
This is not a substitute for legal
advice. An
attorney must be consulted.
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