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Federal Estate Tax for 2013

12/21/2012

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Federal Estate Taxes

Congress and the president, on January 1, 2013, reached a deal that averted a potential increase in the Estate Tax. This agreement avoided the "Fiscal Cliff"; which would have resulted in a considerable tax increase.

Based on reports, approximately the first $5 millions in an individual's name at the time of death will pass free of Estate Tax. For married couples, there is Portability of this credit. Portability allows one spouse, upon his or her death, to transfer any unused credit to the surviving spouse. For married couples, the effective Federal Estate Tax credit is approximately $10 million.

Any amount owned at the time of death in excess of the Estate Tax credit will be taxed at a rate of 40%.

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  • Home
  • About
  • Estate Planning Articles
    • Will >
      • Executor
    • Trust >
      • Revocable Living Trust
      • When is a Trust Necessary?
      • Creditor Protection Trust
      • Special Needs Trust
      • Asset Protection for Blended Families
      • Six Reasons to Create a Revocable Living Trust in Ohio
    • Living Will
    • Probate
    • Estate Tax
    • Power of Attorney
    • Beneficiary Designation
    • Other Estate Planning Topics
  • Contact Elliott Stapleton