Understanding the Adjusted Gross Estate (AGE), its definition, calculations, deductions, historical context, and importance in estate planning.
Death Duties are taxes levied on a person's estate after their death, implemented to discourage inherited wealth and serve as a government revenue source. This article explores their historical context, types, key events, detailed explanations, and more.
An in-depth exploration of Death Duty, its history, types, key events, applications, examples, related terms, and more.
A detailed exploration of the Federal Estate Tax, including its history, applicability, key events, types, mathematical models, and more.
Detailed explanation of Form 706, the United States Estate (and Generation-Skipping Transfer) Tax Return, covering its purpose, requirements, filing guidelines, historical context, and more.
An intentionally defective grantor trust (IDGT) is a trust used to freeze certain asset values for estate tax purposes, allowing appreciation to occur outside the estate.
A comprehensive examination of Potentially Exempt Transfers (PETs), including historical context, key events, mathematical models, examples, and related concepts.
The Surviving Spouse Exemption, also known as the widow's exemption, is a tax benefit provided to individuals who have lost their spouse. It aims to alleviate the financial burden associated with the death of a partner.
A detailed explanation of the Unified Credit, a tax provision that impacts estate and gift taxes, including its definition, applicability, types, examples, and historical context.
A comprehensive guide on the Unified Estate and Gift Tax, a federal system combining estate and gift taxes with a cumulative exemption limit.
An in-depth exploration of death taxes, often referring to state inheritance taxes, and related concepts such as estate tax and unified estate and gift tax.
Comprehensive Explanation of Estate Tax, Calculation Methods, Exemptions, Deductions, and Applicability. Understanding the Fair Market Value Assessment.
Understanding Estate Tax Payable, a critical concept in taxation, involves calculating the amount due after various deductions from the Tentative Estate Tax.
A comprehensive guide to understanding the Gift Tax, a graduated excise tax levied on the donor of a gift by federal and state governments, and its implications on estate planning.
An in-depth analysis of Incident of Ownership, its implications on property control, and its significance in estate and tax planning.
Income Redistribution - A way of spending personal income among various classes in society, designed to reduce economic inequality through mechanisms such as progressive taxation and the federal estate tax.
A comprehensive overview of inheritance, the transfer of real or personal property to heirs by will or intestacy, including legal implications, federal estate tax considerations, and the absence of federal income tax on the inheritance received by heirs.
Inheritance tax is a state tax levied on the value of property passing to an heir. Unlike the estate tax, it is calculated based on what the heir receives, not the total value of the decedent's estate.
Income in Respect of a Decedent (IRD) refers to income that was owed to a deceased person but not received before their death. This income is typically subject to both estate and income taxes.
An in-depth look at Lifetime Exemption as part of the Unified Estate and Gift Tax system in the United States.
A comprehensive look at the federal estate and gift tax deduction that allows property to pass tax-free between spouses.
Net Estate is the portion of a decedent's estate subject to estate tax after all allowable deductions under federal and state statutes, including debts, funeral, and administrative expenses, are subtracted from the gross estate.
A comprehensive guide to understanding estate tax, including its rates, exclusions, and the effects on associated gift and inheritance taxes.
A comprehensive guide on how Intentionally Defective Grantor Trusts (IDGT) can be utilized in estate planning to freeze assets for estate tax purposes while maintaining income tax advantages.
A comprehensive guide on IRS Form 706, detailing who must file it, the process of calculating estate and generation-skipping transfer (GST) taxes, and related forms necessary for compliance.
An in-depth exploration of Qualified Domestic Trusts (QDOTs), including their purpose, operation, benefits, and key considerations for non-U.S. citizens claiming marital estate tax deductions.
