Are There Any Exemptions to the Estate Tax?

There are exemptions to the estate tax. The federal estate tax exemption for 2014 is $5,340,000 and that pertains to each American citizen; therefore, between yourself and your spouse you have over $10,000,000 in exemption. In addition to that, there is a skip generation benefit equal in value which means that you can not only pass down to your spouse and to children, but also down to future generations by use of the skip generation with it.

© 2014 Parsonage Vandenack Williams LLC

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How Can I Leave My Estate to My Spouse Free of Estate Taxes?

The federal government permits an unlimited marital deduction so you can transfer all of your assets, if you wish, to your spouse. Sometimes in planning it is better to use a marital deduction trust in part and use the equivalent exemption in part so that you can transfer it not only to the spouse tax free, but on to the children tax free.

© 2014 Parsonage Vandenack Williams LLC

For more information, Contact Us