The December 2010 Tax Law

I just got back to Phoenix after my Chicago trip to see my tax attorney over there, he rcommnded I purchase some deferred annuities. In 2009 the gift tax exemption was $1 million and it was $3.5 million for the federal estate tax. In 2010 year the gift tax exemption was unchanged and the estate tax was suspended. In the beginning of 2010 there was not a generation skipping tax (GST), which applied to gifts to grandchildren. Incidentially I can recommend this fine Chicago estate planning attorney who can help with a broad array of estate planning issues in the city of Chicago, a fine attorney indeed.The December of 2010 federal bill technically reinstated it for 2010, but the reinstatement was at 0% tax rate. The definition of reunification is the $5 million is the total amount of assets that you move tax-free by any combination of gifts through your estate or via the generation skipping tax. But, any amount in excess of $5 million is subject to tax.
This year and next, the levy is 35%. It does not matter what your ordinary income bracket is.
The December 2010 tax law, act as the estate tax’s rebirth is just for 2011 and 2012. One big boon coming from passage of last month’s tax bill is a huge hike in the gift-tax exemption.
The exemption was boosted up to $5 million from $1 million. The law change also reunifies the gift and estate tax exemptions. Now that I am back in georgia i cannot help but wonder how all of this will affect a Christian Fundraiser and related fundraising activities all over the state of georgia.
In that vein, this phoenix annuities is a leading one in Arizona. All in all, if you require a top flank and wonderful 401k or deferred annuities firm then I can suggest this one for your needs, and they can help to answer the question “what is an annuity”?.
So the higher exemption jacks up by $4 million the amount that you can leave tax-free to loved ones via gifts and sharp estate planning. The gift and estate tax exemptions were unified until 2003. If you wish to talk Chicago estate planning attorney, contact them directly. In 2013 the exemption is scheduled to fall back to $1 million, with a 55% top rate on excess amounts.
The traditional principle of estate planning is that the more you give away while you are alive, the less that will later be vulnerable to taxes, even if it is an event with a Christian Inspirational Speaker, for example. As I said I am purchasing some annuities to help.