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Understanding Gift Tax Exemptions and Deductions in 2025
Follow a four-step approach: try exempt transfers (medical, tuition, political), use the annual exclusion ($18,000 in 2025), then apply marital…
Understanding the 2024 Annual Gift Tax Exclusion and Gift Splitting
In 2024, donors can give $18,000 per recipient tax‑free if it’s a present interest; married couples can jointly give $36,000…
Understanding the 2025 Unified Credit in Estate Tax Calculations
The 2025 estate tax exclusion is $13.61 million per person with a 40% top rate. Executors compute taxable estate, add…
Filing Form 706: Estate Tax Return Rules, Deadlines, and DSUE
In 2025, estate tax activity increased as families file Form 706 to lock in the $13.99 million exemption and elect…
Gross Estate: FMV at Death and All Included Property
Gross estate equals the decedent’s fair market value interests at death, often leading to Form 706 reporting. Key inclusions: life…
GST Tax Essentials: Rates, Exemptions, and Filing for 2024–2025
The GST tax remains a separate 40% levy with a $13,610,000 (2024) exclusion still effective as of Oct 2025. Executors…
Portability of DSUE: Essentials of the Deceased Spousal Election
Survivors can use DSUE only if the spouse died on/after Jan 1, 2011, was a U.S. citizen/resident, and the executor…
Estate Tax Form 706: 2024 Exclusion, Credit, and Rates
Estates for 2024 deaths must file Form 706 if taxable estate plus lifetime taxable gifts exceed $13,610,000. Filing is also…