Boyes, Farina & Matwiczyk

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Tagged: gift tax

How Gift Taxes Affect Estate Planning In Florida

When property is gratuitously transferred from one individual to another, it is considered a gift in the eyes of the government. This gift may be subject to the gift tax depending on how much the gift is worth and whether an individual has any of his or her gift tax exemption available.

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Estate Tax Rules That Benefit Florida Residents

…At least once a year, it may a good idea to review estate planning rules and laws as they may change. For instance, the estate tax exemption has risen each year since 2011 with inflation. In 2015, the estate exemption is $5.43 million, which is a $90,000 raise since 2014. However, those who have made gifts in excess of the annual gift limit may have eaten into some or all of that exemption.

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Estate Tax Planning Tips For Florida Residents

Although most people have heard of the gift tax, the name is somewhat misleading. In most cases, individuals who give large gifts will never pay taxes for doing so. Those who give more than $14,000 to an individual in 2014 will have to tell the IRS about that gift on Form 709.

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New Inflation-Based Tax Changes May Ease Burden On Estates

…One big hurdle faced by Florida residents who are preparing estate plans may soon be lowered thanks to action by the federal government. According to financial reports, the government may be looking at inflation rates as they relate to the estate tax, which could mean lower taxes for heirs.

The threshold that is up for an increase is the federal income tax exemption.

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Estate Tax And Gift Tax Laws Subject To Interpretation In Florida

…The law is often open to interpretation, which can cause confusion that could lead to legal disputes. Federal laws regarding estate tax and gift tax are sometimes problematic in Florida and other jurisdictions. One reason for this is that these laws deal with valuation of property as well as the applicability of any legal agreements made between a person and his or her heirs.

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Waltons Use Estate Tax Planning To Keep Fortunes In The Family

…There are many reasons why the wealthiest families on the planet are wealthy. Although not every family has an extreme amount of wealth, sometimes families with more modest, yet considerable wealth, can learn something about maintaining their wealth for future generations by looking at what the world’s wealthiest families have done in terms of estate planning in Florida or in any other state.

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Portable Estate Tax Made Permanent In Florida And Other States

…Lawmakers are always constantly changing the laws which govern the nation. Most recently they passed new laws which made a significant difference in estate tax planning strategies in Florida and other states. The American Tax Relief Act of 2012 (ATRA) was passed in early January 2013 by lawmakers and then was promptly signed into law by the president.

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Gift Tax The Focus Of IRS Investigation

…Recently, the Internal Revenue Service has begun cracking down on gifts among family members that have not been reported. People who live in Florida and elsewhere are required to report such gifts on a Form 709. This form is known as a United States Gift Tax Return. It must be filed for transfers of property valuing more than $13,000, in spite of the current law that states that the lifetime gift tax exemption limit is $5 million.

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