Estate & Gift Tax in Oakland County
Federal Estate Tax
An estate tax is a tax on the transfer of property at a person's death. Currently Michigan does not have a state estate tax, but the United States government reinstated the federal estate tax on December 17, 2010. Estate tax is calculated by adding up the fair market values of the decedent's assets and then subtracting applicable credits and deductions. As of 2013, only estates worth over $5,250,000 have to pay estate taxes.
Our Oakland County estate planning attorneys from Tax Resolve can help you avoid the federal estate tax through carefully selecting estate planning tools, including grantor-retained trusts.
Understanding Federal Gift Tax
If you give another person a gift, you may have to pay up to 40% in federal tax on it. In 2013, the gift allowance was raised to $14,000. This means that you can give another person $14,000 without being taxed. If you are married, you and your spouse are able to give one person $28,000 without the money being taxed. Certain gifts, such as college tuition, are not taxed. Additionally, gifts to spouses, charitable organizations and political organizations do not face taxation. There is a lifetime limit on gifts, which is $5.28 million as of 2013; if you exceed the limit, the gift tax will be imposed.
Our Oakland County tax planner can provide the skilled guidance you need!
If you are interested in planning for your loved ones, we can help you leave them with the most inheritance. With over 33 years of experience, our tax attorneys are well-equipped to assist you with planning to avoid costly taxes.
For more information about our client-centered approach, contact our Oakland County tax attorneys from Tax Resolve. We also serve clients nationwide! Take advantage of our free case evaluation to learn about your options.
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