This is another in a series of blogs on the basics of estate planning. When a decedent dies, a federal estate tax return (IRS Form 706) is not required to be filed unless the decedent’s gross estate exceeds their remaining federal estate tax exclusion. In 2017, for someone who has not used any exclusion during life, this would be $5.49 million. However, this does not mean filing an estate tax return may not be the best course of action. If the decedent was married at death, their executor may … [Read more...] about Basics of Estate Planning: Portability
Tax Return
A Candidate’s Tax Return Shows Estate Planning
There has been considerable back and forth over the release of 2012 Republican Presidential candidate Mitt Romney’s income tax return. He released his 2010 federal income tax return recently. It’s been widely publicized that the return reports over $21 million of income and that he paid tax at an effective rate of less than 14%. The return reveals the use of trusts. The return references a “blind trust.” A blind trust is used to avoid the appearance of an improper bias. Theoretically, the … [Read more...] about A Candidate’s Tax Return Shows Estate Planning
