Posts tagged Estate
Estate Tax Changes Under Recent Tax Acts

Summaries of changes made to the federal gift and estate tax and the federal generation-skipping transfer (GST) tax under the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (the 2010 Tax Act), the American Taxpayer Relief Act of 2012 (the 2012 Tax Act), and the Tax Cuts and Jobs Act.

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Credit Shelter Trust

Prior to the enactment of the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (the 2010 Tax Act), a married couple generally needed to implement a credit shelter trust and, in non-community property states, divide their assets evenly between them, so that they could fully use both spouse's estate tax applicable exclusion amount (also referred to as an exemption).

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Portability of Applicable Exclusion Amount between Spouses

For married individuals who died in 2011 or in 2012, the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (the 2010 Tax Act) added a new portability provision allowing a surviving spouse to use any unused applicable exclusion amount of a deceased spouse for gift and estate tax purposes.

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