The recent passage of Obamacare and the 2012 tax law changes have drastically altered the estate plans for thousands of taxpayers. Many Texas residents now find it necessary to revisit their estate plans with a qualified tax law attorney to ensure the best possible outcome. While the new changes put … [Read more...] about Tax law changes necessitate new estate planning tactics
Estate tax changes could eliminate the need for trusts
New modifications to the estate tax law could make trusts unnecessary for many wealthy Texas residents, experts say. Because the new law makes estates of up to $10.5 million for couples and $5.25 million for single taxpayers exempt from federal estate tax in 2013, those with less than these sums in … [Read more...] about Estate tax changes could eliminate the need for trusts
New tax estate rules raise questions for wealthy families
When Congress settled on a new set of generous estate tax regulations that benefit wealthy taxpayers far more than older rules, some Texas residents are unsure of how best to take advantage of the available perks. The new rules allows one to exclude millions of dollars from their estate taxes, but … [Read more...] about New tax estate rules raise questions for wealthy families
Estate tax changes could affect thousands
A relatively small number of Texas residents are subject to estate taxes in 2012, as only those with estates worth more than $5 million are generally taxed upon their deaths. According to the Tax Policy Center, a total of about 3,240 estate tax returns were submitted in 2011. However, if … [Read more...] about Estate tax changes could affect thousands
Experts say coming estate tax changes could be retroactive
With lawmakers expected to focus on income and investment tax breaks during an upcoming session before Congress convenes again in January, legislators are unlikely to address estate taxes. Unless lawmakers take steps to prevent it, the inheritance tax rate will rise from 35 percent to 55 percent at … [Read more...] about Experts say coming estate tax changes could be retroactive
Life insurance can help heirs pay estate tax
Estate taxes can put a heavy financial burden on a wealthy Texas resident's beneficiaries after his or her death. For instance, someone who passes away in 2012 may freely leave up to $5.12 million to heirs, but bequests above this limit incur a tax of 35 percent. That rate is set to rise to 55 … [Read more...] about Life insurance can help heirs pay estate tax