As you have heard, the Federal Estate Tax exemption was raised to $5 million for tax years 2011 and 2012, and the tax rate is 35%. We don’t know what is going to happen after 2012, but we will keep you posted. Oregon is another story altogether. An Oregon Inheritance Tax Return must be filed [...]
Following is a story from a fellow NAPFA member who offered to share her experience and how important it is to plan for unexpected end-of-life decisions. “I have recently been through an experience of assisting a family member through her pre-death planning decisions and was encouraged by another planner-friend to share my experience with NAPFA [...]
Back in 1997, the lifetime estate tax exemption was $600,000 and the top estate tax rate was 55%. The exemption increased through 2009 to $3,500,000 while the top tax rate declined to 45%. For tax years 2011-2012 the exemption amount is $5,000,000 with a top tax rate of 35%. However, in those prior years if [...]
Tags: Estate Taxes
Government law says that a person with a disability cannot have a trust. However, in 1993, Congress created an exception under the amendments to the Omnibus Budget and Reconciliation Act (OBRA-93) which specifically authorized the use of Supplemental Needs Trusts for the benefit of individuals who are under the age of 65 years and disabled [...]
Tags: Dependents, Special Needs, Trusts
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