Tax issues with inheriting propertyRead More
Most people never pay estate taxes because of the exemptions that apply to the tax, and the estate tax exemptions for 2015 and 2016 may save taxpayers millions of dollars. that would otherwise go to the IRS. How much is the estate tax exemption for 2015 and 2016?Read More
Interesting Estate Tax Facts. The federal estate tax is a tax on property (cash, real estate, stock, or other assets) transferred from deceased persons to their heirs. Only the wealthiest estates pay the tax because it is imposed only on the portion of an estate’s value that exceeds a specified exemption level — $5.43 million per person (effectively $10.86 million per married couple) in 2015.Read More
When a person dies intestate, the Alabama laws of intestacy will kick in to provide for distribution of the intestate decedent’s assets. This scheme of distribution may be referred to as intestate succession, intestate distribution or the laws of intestacy. These laws represent the Alabama legislature’s best guess as to what most people would want to happen to their assets.