A deeper dive on Trump tax plan

For the Monitor Part of the proposed reformation of the Income Tax Code by the administration includes the revocation of the Federal Estate Tax and the Generation Skipping Transfer Tax. [...]of the annual cost of living increase, the current exemption for an individual dying this year is $5,490,000...

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Bibliographic Details
Published inConcord monitor (Concord, N.H. : 1970)
Main Author Wells, Bob
Format Newspaper Article
LanguageEnglish
Published Concord, N.H Concord Monitor/Sunday Monitor 06.10.2017
Subjects
Cost of living
Donations
Estate taxes
Generation skipping tax
Gift taxes
Life insurance
Tax planning
Tax rates
Tax reform
Transfer taxes
Trump, Donald J
United States > US
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Summary:For the Monitor Part of the proposed reformation of the Income Tax Code by the administration includes the revocation of the Federal Estate Tax and the Generation Skipping Transfer Tax. [...]of the annual cost of living increase, the current exemption for an individual dying this year is $5,490,000 per person (or a total of $10,980,000 for a married couple). The Federal Estate Tax applies to taxable assets in a decedent's estate, which include real estate, life insurance owned by the decedent, retirement accounts, investment assets, personal property, etc. [...]there are other legitimate ways to reduce the taxable estate such as the Annual Gift Tax Exclusion of $14,000 (next year it will be $15,000), which can be given as many individuals as you wish regardless if family members or not.