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    GLOBAL TAX & ACCOUNTING SERVICE INC.

    GLOBAL TAX & ACCOUNTING SERVICES INC.

    GLOBAL TAX & ACCOUNTING SERVICE INC.

    Click here for the client portal

    OFFICE -516-558-0065

    Email:omaida@globaltax.info

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    Your Personal Accountant Wherever You Are. Se Habla Español

    Contact Person

    Name: Omaida Fishman

    200 Broad Hollow Road, suite 203,
    Melville, NY 11747

    Cell: 516-784-7227

    Fax: 516-679-1964

    Email:omaida@globaltax.info

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    Your Estate and Taxes: Frequently Asked Questions

    Table of Contents

    • Will my estate have to pay taxes after I die?
    • Do states also impose estate taxes?
    • How can I minimize federal estate taxes?
    • Can I avoid paying state estate taxes?
    • Can I just give all my property away before I die and avoid estate taxes?

    Will my estate have to pay taxes after I die?

    It depends. The federal government imposes estate taxes at your death only if your property is worth more than a certain amount based on the year of death. By some estimates, this means nearly 99 percent of estates do not pay any estate tax. In 2016, the exemption limit is $5,450,000 ($5,430,000 in 2015). Estates worth more than $5,450,000 are taxed at 40 percent. For married couples, the exemption is $10.90 million. There are a couple of important exceptions to the general rule, however. All property left to a spouse is exempt from the tax, as long as the spouse is a U.S. citizen and estate taxes won’t be assessed on any property you leave to a tax-exempt charity.

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    Do states also impose estate taxes?

    Most states impose estate taxes of some kind. In many cases, there’s a state inheritance tax only where a federal estate tax would apply. But some states have estate taxes that are “uncoupled” from the federal tax, and some have inheritance taxes.

    Inheritance taxes are paid by your inheritors, not your estate. Typically, how much they pay depends on their relationship to you.

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    How can I minimize federal estate taxes?

    There are several ways. One common way to do this is to leave your children, directly or in trust, an amount up to the estate tax exemption amount ($5,450,000 in 2016) and the balance to your spouse.

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    Can I avoid paying state estate taxes?

    In most states that base inheritance taxes on the federal estate tax, steps that avoid federal tax also avoid state tax. If your state imposes some other kind of estate tax, your professional advisor can help you minimize state tax by taking actions specifically adapted to that tax.

    If you live in two states, for instance, Florida in winter and summer in New Jersey, your inheritors may be able to save on estate taxes if you make your legal residence in the state with lower inheritance taxes.

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    Can I just give all my property away before I die and avoid estate taxes?

    You can give up to $14,000 in 2016 (same as 2015) per person per year with no gift tax liability. Gifts exceeding that amount are counted against a gift tax exemption of $5,450,000. Gifts exceeding that exemption are subject to gift tax. At your death, these gifts could become your taxable estate (with a credit for gift tax paid).

    There are, however, a few exceptions to this rule. You can give an unlimited amount of property to your spouse unless your spouse is not a U.S. citizen, in which case you can give away up to $100,000 indexed for inflation; the 2015 amount is $148,000 ($147,000 in 2015) per year free of gift tax. Any property given to a tax-exempt charity avoids federal gift taxes. Money spent directly for someone’s medical bills or school tuition, is exempt as well.

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    Your Estate and Taxes: Frequently Asked Questions
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    • Raising a Child: Frequently Asked Questions →
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    • NYC Location
      2200 Broad Hollow Road, suite 203
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    Contact Info

    Address: 200 Broad Hollow Road, suite 203
    Melville, NY 11747

    516-679-1964

    516-784-7227

    516-558-0065

    omaida@www.globaltax.info

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    • Home
    • About
    • Services
      • Services For Individuals
        • Personal Financial Planning
      • Business Services
        • Small Business Accounting
        • Payroll
        • Business Valuation
        • Succession Planning
        • New Business Formation
        • Internal Controls
      • Tax Services
        • Tax Preparation
        • Tax Planning
        • TAX PROBLEMS
          • IRS Audit Representation
          • Non-Filed Tax Returns
          • Back Taxes Owed
          • Payroll Tax Problems
          • IRS Liens
          • IRS Levies
          • IRS Wage Garnishment
          • IRS Seizures
          • Offer In Compromise
          • IRS Payment Plan
          • Innocent Spouse Relief
          • Get Your IRS File
      • QuickBooks Services
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        • QUICKBOOKS SETUP
        • QUICKBOOKS TRAINING
        • QUICKANSWERS
        • QuickBooks Tips
        • Buy QuickBooks and Save
    • Newsletter
      • Previous Newsletters
      • News & Weather
    • Financial Guides
      • Life Events
      • Business Strategies
      • Investment Strategies
      • Tax Strategies for Business Owners
      • Tax Strategies for Individuals
      • Frequently Asked Questions
    • Tax Center
      • Track Your Refund
      • Tax Due Dates
      • Tax Rates
      • IRS Tax Forms and Publications
      • Record Retention Guide
      • State Tax Forms
      • 1040 Tax Calculator
      • Marginal and Effective Tax Rates Calculator
    • Resources
      • Financial Calculators
      • News & Weather
      • SecureSend
      • Internet Links
      • Security Measures
      • Recommended Books
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