Sentences with phrase «federal applicable exclusion»
If your estate is expected to be larger than the current federal applicable exclusion amount $ 5,340,000, you may want to contact an attorney for more complete estate planning help.
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Please note: for couples, a separate will should be created for each person, as a «joint will» is not recommended, and if your estate is likely to be more than the federal applicable exclusion amount ($ 5,120,000), you may want to use more complete estate planning techniques that are not provided by this document.
The threshold was the amount of the federal applicable exclusion amount.
Not exact matches
If you do not expect the value of your taxable estate to exceed the applicable exclusion amount, then federal gift and estate tax may not be a concern for you.
Current federal law allows each citizen to transfer a certain amount of assets free of federal estate and gift taxes, named the «applicable exclusion amount.»
Your prior estate planning may have emphasized federal estate tax savings because of the much lower applicable exclusion amount and traditionally higher federal estate tax rates.
Portability rules allow a surviving spouse to take advantage of any unused portion of their spouse's applicable exclusion amount, provided that a federal estate tax return is filed to preserve the deceased spouse's unused applicable exclusion amount within 9 months (15 months if an extension is granted).