Wills, Trusts & Estates Prof Blog

Editor: Gerry W. Beyer
Texas Tech Univ. School of Law

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Monday, December 9, 2013

State Death Tax Considerations

IRS-100wiIt is important to consider state death taxes in your estate planning. A recent article posted by Kelly Humke Esq. highlights three way that people can address these type of taxes though estate planning.

  1. Use bypass trusts they shelter the exemptions of both spouses and defer estate taxes
  2. Give away gifts up to the unused federal exemption amount. Also, keep in mind that medical and tuition payments are exempt gift taxes.
  3. Set up a spousal lifetime access trust if you are married. Any payments and appreciation made to the trust is not counted in your estate; thus, there is a reduction for death taxes that you will have to pay for.

See Kelly Humke Esq. Consider State Death Taxes in Your Estate Planning, Wealth Strategies,  Dec. 3, 2013.

http://lawprofessors.typepad.com/trusts_estates_prof/2013/12/seekelly-humke-esq-consider-state-death-taxes-in-your-estate-planning-wealth-strategies-dec-3-2013.html

Estate Planning - Generally, Income Tax | Permalink

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