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According to the Economic Growth and Tax Relief Reconciliation Act of 2001, the applicable exclusion increased to $3,500,000 in 2009, and the estate tax was repealed for estates of decedents dying in 2010, but then the Act was to "sunset" in 2011 and the estate tax was to reappear with an applicable exclusion amount of only $1,000,000.
The maximum estate tax, gift tax, and generation-skipping tax rate, which was 55% in 2001 (with an additional 5% for estates over $10,000,000 in order to eliminate the benefit of the lower estate tax brackets) was reduced to 50% in 2002, with an additional 1% reduction each year until 2007, when the top estate tax rate became 45%.
A stepped-up basis can be higher than the before-death cost basis, which is the benefactor's purchase price for the asset, adjusted for improvements or losses. Because taxable capital-gain income is the selling price minus the basis, a high stepped-up basis can greatly reduce the beneficiary's taxable capital-gain income if the beneficiary ...
A life insurance exclusion is a situation or circumstance that prevents your beneficiaries from receiving your death benefit. Essentially, it means that certain causes of death are not covered by ...
Since they have more time to grow, your monthly payments tend to be higher than immediate annuities. For example, a 60-year-old putting $100,000 into a deferred annuity might receive: $1,000 to ...
The phase of the Moon does not influence fertility, cause a fluctuation in crime, or affect the stock market. There is no correlation between the lunar cycle and human biology or behavior. However, the increased amount of illumination during the full moon may account for increased epileptic episodes, motorcycle accidents, or sleep disorders. [466]
Assume further that the trust instrument provides that the remaining principal of the trust will be distributed outright to the grandchildren following the child's death. If the trust property is not subject to estate tax at the child's death (by reason of a general power of appointment, e.g.), a GST tax will be imposed when the child dies ...
There is a reason sunsets start getting later even before Dec. 21. No, the winter solstice is not earlier this year. There is a reason sunsets start getting later even before Dec. 21.