estate tax

Another TRAIN law significant change from the old tax rule is that now, family homes that are worth up to P10 million will be exempted from estate tax.

So if a couple's estate is less than $11 million, they will not owe any federal estate tax.

Because the basic exclusion amount applies to both the gift and estate tax, an individual's estate will be liable for the estate tax only when the taxable value of the estate exceeds the individual's exclusion amount, less the amount of taxable gifts the individual made during his or her lifetime.

The House of Representatives on Monday approved on final reading House Bill 4814 granting amnesty in the payment of estate tax, and House Bill 4815 simplifying the estate tax rate, amending for this purpose the National Internal Revenue Code of 1997.

Uncertainty abounds, as a myriad of tax issues might affect estate tax planning for New York individuals.

If George dies and leaves everything to his wife, Irene, no estate tax will be due.

An estate tax is levied against the estate of the decedent, whereas an inheritance tax is levied upon the property received by a beneficiary of an estate.

Mitt Romney, while stumping for the presidency, used his support of full estate tax repeal to tout his tax plan for rural America.

However, other assets are included in estate tax calculations, including real estate (primary residence and other properties), privately held business interests and the face amount of life insurance.

2005) and will discuss which decedents' estates are subject to the Florida estate tax and will address the responsibilities of a personal representative and provisions of the Florida probate code.

have been among a few senators pushing for a compromise between Senate Democrats who want to reinstate the estate tax at 2009 levels and Senate Republicans who want full repeal of the tax.

5 million and top estate tax rate of 45% (in effect during 2009) would have been retained for 2010 and perhaps later years as well.

ANYONE WHO HAS EVEN A remote interest in the estate tax is aware that it passed into history along with the wholly forgettable 2009.

THE HOUSE OF Representatives passed on December 3 by a vote of 225-200 an estate tax bill, H.

Illinois estate planners in 2009 face the challenge of planning for the differing federal and Illinois estate tax exclusion amounts ($3.