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A "pre-death estate dispersement"?!?! That's just a fancy way of saying a "gift." It would be treated the same way as any other gift given to any undead person. The child would pay no tax, but the pre-deceased person (the gift giver) would be subject to the usual gifts taxes and possibly the generation-skipping transfer tax and the usual annual and lifetime gift tax exclusions would be available to the pre-deceased person. An "estate" does not come into existence until such time as a person has died. A pre-deceased person cannot make a dispersement from his/her estate because it does not yet exist, although they can direct that a dispersement be made from their estate once they have died by including their instructions in a "will" or equivalent legal instrument.
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∙ 15y ago
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How is estate tax determined?
what is an estate tax
Is there a gift tax if deeding house to child before death?
Yes, there could very well be a gift tax. Consult a tax attorney. And the estate could pull the property back into the estate if it is within a few years of death.
Does the Unified gift and estate tax credit reduce the size of the gross estate?
No. calculate the taxable estate of the deceased. Determine the estate tax the taxable estate. Add the gift taxes on lifetime gifts after 1976. This is the GROSS ESTATE TAX. Deduct the unified credit from the gross estate tax - this is the estate tax. If its, zero or less - there is no estate tax.
Do indigents pay death tax?
"Death Tax" refers to an Estate Tax. If your estate is worth $1,500,000 or less the estate is exempt from an estate tax. I assume most indigents don't have an estate that is worth that much.
Does estate get passed to the IRS?
The estate does have to file a tax return with the IRS. It is responsible for income tax and estate taxes
What tax is the same as an inheritance tax?
estate tax
Does Hong Kong have an estate tax?
Estate tax has been abolished in Hong Kong.
Can an executor be held personally liable for the estate tax?
can the executor be liable for estate tax
What are North Carolina inheritances taxes?
North Carolina does not have an Inheritance tax and the Estate Taxesis related to the estate tax collection.There is no inheritance tax and the estate tax is related to federal estate tax collection.For further information, visit the North Carolina Department of Revenue site.
What is the difference between real estate tax and estate tax?
Real estate tax is tax that is levied on buildingsor other real estate that you possess, be it your own home, a holiday cottage, land or an office building.Estate tax is tax levied on the net worth of all your possessions. The term 'estate' is most commonly used to describe the possessions of someone who has died.
What has the author Jerome Ostrov written?
Jerome Ostrov has written: 'Tax and Estate Planning with Real Estate, Partnerships, and LLCs' -- subject(s): Estate planning, Law and legislation, Partnership, Private companies, Real estate investment, Real estate investment trusts, Tax planning, Taxation 'Tax Planning with Real Estate (Pli Press's Tax Law & Estate Planning Library) (Pli Press's Tax Law & Estate Planning Library)'
What is the meaning of Death Tax in the United States?
In the United States, death tax is otherwise known as Estate tax. The meaning of this death tax or estate tax is the taxable estate of a dead person. Meaning whether a home will be transferred by will or, by trust.
