Income and estate tax planning

under the Tax reform act of 1976 & the Revenue act of 1978 by Irving J. Sloan

Publisher: Oceana Publications in Dobbs Ferry, N.Y

Written in English
Published: Pages: 118 Downloads: 356
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Places:

  • United States

Subjects:

  • Estate planning -- United States -- Popular works.,
  • Inheritance and transfer tax -- Law and Legislation -- United States -- Popular works.,
  • Tax planning -- United States -- Popular works.

Edition Notes

Includes index.

StatementIrving J. Sloan.
SeriesLegal almanac series ; no. 50
Classifications
LC ClassificationsKF750.Z9 S54
The Physical Object
Paginationx, 118 p. ;
Number of Pages118
ID Numbers
Open LibraryOL4422532M
ISBN 100379111233
LC Control Number79027001
OCLC/WorldCa5846639

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Avoid planning for your estate and you can leave a significant income tax liability upon your death. As death and death taxes occur at the same time, you may find that in this situation a significant portion of your income is taxed in a top tax bracket and therefore could lose about 45 percent to the CRA. Without an estate plan you may not leave enough money to your family to make sure they’ll always be warm and well fed. Less of your estate will pay a permanent visit to the income tax department. Without an estate plan you won’t be able to take advantage of tax-saving strategies.   Blogs > Estate Planning Law Blog. Income Tax – the “Other” Tax in Estate Planning. Posted on November 20th, | Authors: Kenneth D. Meskin. Many people are aware of the increased federal estate tax exemptions (approximately $ million plus a COLA adjustment for a decedent dying in through Decem and then reverting to $ plus COLA) along with the elimination .   Historically, the primary tax consideration in estate planning was avoidance of the Federal estate tax. With the Federal estate tax exemption currently at $11,, for individuals and $22,, for married couples, estate tax planning is not as critical for most folks as it used to be.

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Income out of the trust to beneficiaries who may be in lower income tax brackets. Review estate planning documents and strategies The increase in the lifetime exclusion amount for gifts and estates ($ million per individual in ) may have unintended consequences for some individuals and families with wealth under that threshold.

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Planning Tip: Remember that state and local income taxes are in addition to the federal income tax. These taxes, which can exceed 11%, are also subject to the itemized deduction phase out.

Planning Tip: Income tax planning does not focus on the client’s average tax rate, which is the cumulative effect of the various tax brackets and the combined deductions and credits. With the current TCJA the estate tax exemption is million (single) and million (married).

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However, as part of TCJA, there are income tax implications to certain types of.Tom & Sue are considered the owners of the trust assets for income tax purposes, but not for estate and gift tax purposes.

The trust generates $, in net income for The $4, is not considered part of their estates (i.e. when they die) and the $, is .