In states that collect their own estate taxes
, conventional "A-B Trust" planning for married couples may not be enough.
Many feel that Illinois estate taxes
will somehow be preserved, although repeal is also a distinct possibility.
1) the real estate taxes
allowable as a deduction to the corporation under section 164 which are paid or incurred by the corporation on the houses or apartment building and on the land on which such houses (or building) are situated[.
While a compromise on estate taxes
seems reasonable, it is still uncertain what the exact compromise will be or when it will come.
Gelder also suggested that buyers of survivorship policies may be realizing that they have many more uses than paying estate taxes
While most advisers create estate plans to avoid probate and large estate taxes
, many forget to address the estate/IRD problem.
At the same time, they leave the land in private ownership and help assure landowners that their heirs won't be forced to sell the family's land just to pay estate taxes
You need to carry enough life insurance to cover your family's living expenses, estate taxes
, and the cost of probate.
While there are no federal gift or estate taxes
on transfers between spouses, transfers to non-spouses are taxable.
The product insures two people, normally a husband and wife, and may help beneficiaries cover potential estate taxes
and estate settlement costs.
In a statement, Angara said the Senate ways and means committee, which he chairs, will immediately act on the House bill aimed at granting amnesty on unpaid estate taxes
upon passage and transmission to the Upper House.
My article How to Use Gifts to Reduce Illinois Estate Taxes
(November 2008 IBJ), in discussing the use of lifetime gifts to deal with the mismatched federal ($3.