What Is the Unlimited Marital Estate Tax Deduction
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You would be using a portion of your exclusion to leave tax free bequests to anyone other than your spouse. Learn more about unlimited marital estate tax deduction in this presentation.
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What Is the Unlimited Marital Estate Tax Deduction
- 1. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 WHAT IS THE UNLIMITED MARITAL ESTATE TAX DEDUCTION
- 2. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 FEDERAL ESTATE TAX There is a federal estate tax that you should be aware of when you are planning your estate.
- 3. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 If you are a high net worth individual, it can have a significant impact on your legacy.
- 4. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 ESTATE TAX PARAMETERS
- 5. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 The federal estate tax credit or exclusion is $5.43 million in 2015.
- 6. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 You can transfer up to $5.43 million tax-free, but further transfers are potentially subject to the estate tax.
- 7. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 The top rate of the tax is 40 percent.
- 8. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 ESTATE TAX MARITAL DEDUCTION
- 9. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 You would be using a portion of your exclusion to leave tax free bequests to anyone other than your SPOUSE.
- 10. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 There is an unlimited marital estate tax deduction.
- 11. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 This allows you to leave unlimited property to your spouse tax-free.
- 12. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 FEDERAL GIFT TAX
- 13. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 In addition to the estate tax, there is also a federal gift tax.
- 14. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 The two taxes are unified, so the exclusion applies to lifetime gift giving along with postmortem asset transfers.
- 15. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 The unlimited marital deduction also applies to lifetime gifting.
- 16. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 AMERICAN CITIZENSHIP
- 17. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 The unlimited marital deduction is only afforded to a citizen spouse.
- 18. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 If you are married to someone who is a citizen of another country, you cannot use the unlimited marital deduction.
- 19. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 NEW YORK STATE ESTATE TAX
- 20. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 In New York, there is a state-level estate tax.
- 21. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 Until April 1st of 2015, the New York exclusion is $2,062,500.
- 22. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 There is also an unlimited marital deduction on the state level.
- 23. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 ESTATE TAX EFFICIENCY STRATEGIES
- 24. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 If you are exposed to death taxes, action is required.
- 25. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 Contact us if you would like to discuss tax efficiency strategies with a licensed attorney.
- 26. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 LEARN MORE ABOUT MARITAL ESTATE TAX DEDUCTION IN ROCHESTER NEW YORK
- 27. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 Click to visit mrobinsonlaw.com. Or call us at (585) 374-5210 to schedule a consultation.