Advisors may find it increasingly common for estates to owe state estate taxes
, state inheritance taxes or both--even if there is no federal estate tax liability.
In the absence of legislative intervention, the existing Illinois statutory scheme parallels EGTRRA's sunset by providing no Illinois estate taxes
for 2010, with a return in 2011 to the good old days of the $1 million estate tax exclusion amount and 2011 credit computations.
Downtown New York, by contrast, showed only slight increases in real estate taxes
relative to midtown.
In the case of a co-op, this section permits the corporation to deduct real estate taxes
it pays relating to the houses or apartment building it owns.
1) the real estate taxes
allowable as a deduction to the corporation under section 164 which are paid or incurred by the corporation on the houses or apartment building and on the land on which such houses (or building) are situated[.
Gelder also suggested that buyers of survivorship policies may be realizing that they have many more uses than paying estate taxes
They own their home jointly, paying $20,280 a year in mortgage interest and $4,000 in real estate taxes
At the same time, they leave the land in private ownership and help assure landowners that their heirs won't be forced to sell the family's land just to pay estate taxes
Any additional real estate taxes
will only be paid by Carr Realty, on a property by property basis, if Carr Realty sells a rental property.
You need to carry enough life insurance to cover your family's living expenses, estate taxes
, and the cost of probate.
There are two provisions in the law that can help minimize federal gift and estate taxes
The product insures two people, normally a husband and wife, and may help beneficiaries cover potential estate taxes
and estate settlement costs.
My article How to Use Gifts to Reduce Illinois Estate Taxes
(November 2008 IBJ), in discussing the use of lifetime gifts to deal with the mismatched federal ($3.
In Tax Court, the parties stipulated that the N trusts would be included in L's gross estate, but left it to the Tax Court to decide whether the resulting estate taxes
were payable from N (the trusts that generated the tax) or a revocable trust (R) created by L three days before he executed his will.
Operating expenses and real estate taxes
rose sharply, the report said, each posting a 10.