Estate Tax-Federal Estate Tax

There must be some reason that the rich keep getting richer. Think about it-generations upon generations have managed to pass their wealth on to their progeny. The Rockefeller and Kennedy families have done it. The Gates and Buffet and Trump families will do it. If you have survived this market, and made any money at [...]

Anytime you have a home or property you will pay real estate tax. Real estate tax is estimated based on your home value. For instance, if you purchase a home and the property is worth $10,000 but you pay $20,000 for the home, thus this additional balance is your equity.In some areas, you pay taxes [...]

GeirachAs published in The Naperville Sun – November 16, 2008The economy is in a temporary mess with home prices diminishing and the stock and bond market falling. Yet, for anyone with a federal estate tax issue potentially at his or her death, this is a good time to give as many assets as one can. [...]

There are many reasons that make an estate plan very important. When you are unable to take decisions regarding your healthcare due to illness or accident there needs to be someone who can legally take such decisions on your behalf. Alternatively, if you require long-term care, which is not covered by medical insurance, you have [...]

There must be some reason that the rich keep getting richer.  Think about it-generations upon generations have managed to pass their wealth on to their progeny.  The Rockefeller and Kennedy families have done it.  The Gates and Buffet and Trump families will do it.  If you have survived this market, and made any money at [...]

US laws heavily tax the estate of a deceased person if the value of the estate exceeds certain limits. For the year 2007 and 2008 this limit is fixed at $2 million. 2009 will see this limit climbing to $3.5 million. The rate of taxation for the amount above the exemption limit is a flat [...]

It is always beneficial during tax season to own real estate, which gives you many annual deductions. If you purchased residential real estate during this year, however, you can look forward to even more generous savings at tax time.Mortgage InterestThough there are several real estate deductions you will be able to take this tax year, [...]

Estate tax is a Federal tax levied on a decedent’s distribution of possessions to heirs identified by state law or will. Yet, the percentage of estates which are subject to the tax is very minuscule. The IRS reported that just over 2 percent of people who died in 2001 were subject to the estate tax. When [...]