How Much Can You Leave Free of the Federal Estate Tax?

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HOW MUCH CAN YOU LEAVE FREE OF THE FEDERAL ESTATE
TAX?
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WEALTH EROSION
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When you have been very successful, you may be in
a position to pave the way for your loved ones
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However, your wealth can be eroded BY THE
FEDERAL ESTATE TAX
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Let's look at the details
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ESTATE TAX CREDIT OR EXCLUSION
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The amount that you could leave to your heirs
before the estate tax would be applicable was
5.25 million in 2013
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In 2014, this figure is 5.34 million due to an
adjustment for inflation
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UNIFIED GIFT ESTATE TAX
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When you hear about the estate tax, you may have
an idea
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You could just give gifts while you are living
to avoid the death tax
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Unfortunately, this is not possible because there
is a GIFT TAX
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It is unified with the estate tax
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The exclusion or credit is applicable to gifts
that you give while you are living coupled with
the value of your estate
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Gifts that you give that exceed the amount of
the exclusion would be taxable
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TRANSFER TAXES YOUR SPOUSE
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When you are considering how much you can pass to
others free of the estate tax, you should be
aware of the unlimited marital deduction
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You can give or bequeath property of unlimited
value to your spouse free of transfer taxes
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This unlimited marital deduction is only
available if your spouse is a citizen of the
United States
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PORTABILITY OF ESTATE TAX EXCLUSION
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You should understand the fact that the ESTATE
TAX EXCLUSION IS PORTABLE
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This means that your spouse could use your
exclusion along with his or her own if you die
first
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ESTATE TAX EFFICIENCY STRATEGIES
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If your assets do exceed the amount of the
credit or exclusion, all is not lost
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There are estate tax efficiency strategies that
can be implemented to mitigate your exposure
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San Jose Wealth Preservation Consultation
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You should certainly take the necessary steps to
protect what you have worked for throughout your
life
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If you live in the greater San Jose area,
contact our firm to schedule a free wealth
preservation consultation
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