SUBSCRIBE
Enter your Name and Email address to get
the newsletter delivered to your inbox.
Please include name of person that directed you to my online tax guide so I can thank them personally.
24961 The Old Road, 2nd Floor
Stevenson Ranch, CA 91381
Phone: 661-286-1040
Fax: 661-286-1050
2023 Tax Planning Guide
Estate Taxes
If you haven’t discussed estate planning opportunities with your legal, tax and financial professionals yet, why not use this time to schedule a meeting? Even with more generous federal estate tax exemptions, taxpayers need to be aware of local estate and inheritance taxes. Although some states have repealed their estate tax statutes and others increased their exemptions recently, a few still have the tax. A handful of states also have an inheritance tax.
TRANSFER TAXES
In 2023, the estate tax and generation-skipping transfer tax basic exclusion amount rose to $12.92 million, up from $12.06 million, for estates of decedents who died in 2022. Married couples filing jointly qualify for a $25.84 million exemption in 2023, up from $24.12 million in 2022.While federal estate tax exemptions are more generous than in the past, be aware that some states levy their own estate and inheritance taxes.
SPOUSAL EXEMPTION PORTABILITY
If part or all of one spouse's estate tax exemptioin is unused at that spouse's death, the estate can elect to permit the surviving spouse to use the deceased spouse's remaining exemption. This exemption portability provides flexibility at the first spouse's death, but has some limits. While a portability-only estate tax return can be filed up to two years from the deceased spouse's death, it can be costly. Be aware that portability is available only from the most recently deceased spouse. It doesn't apply to the Generation Skipping Tax (GST) exemption and isn't recognized by many states.CONTACT US
Enter your Name, Email Address and a short message. We'll respond to you as soon as possible.
Stern Kory Sreden & Morgan and LTM Marketing Specialists LLC are unrelated companies. This publication was prepared for the publication’s provider by LTM Client Marketing, an unrelated third party. Articles are not written or produced by the named representative.
The information and opinions contained in this web site are obtained from sources believed to be reliable, but their accuracy cannot be guaranteed. The publishers assume no responsibility for errors and omissions or for any damages resulting from the use of the published information. This web site is published with the understanding that it does not render legal, accounting, financial, or other professional advice. Whole or partial reproduction of this web site is forbidden without the written permission of the publisher.