The IRS announced that the 2016 estate and gift tax exemption is $5.45 million per individual, which is up from $5.43 million in 2015. That means an individual can leave $5.45 million to heirs and pay no federal estate or gift tax. A married couple will be able to shield $10.9 million from federal estate and [...]
A 2014 study by the Forest Inventory & Analysis (FIA) shows that the amount of timberland in Alabama has increased to an all-time high of 23 million acres, or 69% of Alabama’s total area. That's an increase of 360,000 acres since the year 2000. The only states in the nation having more timberland than Alabama [...]
Below are the annual adjustments made to both Estate and Gift Taxes: Unified Estate and Gift Tax (Lifetime) Exclusion: $5,430,000 Generation - Skipping Transfer (GST) Tax Exemption: $5,430,000 Gift Tax Annual Exclusion: $14,000 (no change from 2014) If you are reading this post, you might also be interested in [...]
Leaving Behind too Big of an Estate Can Cause Tax Pain Later When it comes to retirement planning, most people are focused on making sure they don't outlive their assets. While that is key, there is a serious risk that many people overlook: leaving too much money on the table when they die. That can [...]
On April 23, 2014 Mississippi became the 15th state to allow for the creation of a “self-settled asset protection trust”. This new legislation was effective July 1, 2014 and allows the grantor of the trust to transfer assets into trust to protect them against future creditors. This trust is often referred to as a Domestic [...]
Last week, the Supreme Court unanimously ruled that inherited IRAs are not protected in bankruptcy under federal law. The Court’s decision resolved the bankruptcy question about inherited IRAs in the federal courts, but it does not resolve all questions because state laws also control the bankruptcy protection. Each state’s law is different, here is a [...]
Unified Estate and Gift Tax (lifetime) Exclusion: $5,340,000 GST Tax Exemption: $5,340,000 Gift Tax Annual Exclusion: $14,000 (no change)
JamisonMoneyFarmer shareholder Cathy Rice has been elected to serve on the Board of Directors for the Georgia Land Trust, Inc., Alabama Land Trust, Inc., and the founding organization The Chattowah Open Land Trust, Inc. The Board meets quarterly and is dedicated to protecting land for present and future generations, primarily by helping private landowners establish conservation [...]
As if it is not enough to have to face the grief of losing a loved one, there are so many other administrative tasks set in motion by someones death that must be taken care of. From collecting the information needed to document the contents of the decedent's estate, all the way through to distribution [...]
Are you still wondering how the new tax changes may affect you and your tax bill? We have linked our Federal Tax Watch alert which summarizes the provisions primarily affecting individuals, the provisions primarily affecting businesses, the new Healthcare taxes taking effect in 2013, and tax planning considerations. Also, if you are interested in more [...]