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JK Lasser's New Rules for Estate, Retirement, and Tax Planning, 6th Edition
book

JK Lasser's New Rules for Estate, Retirement, and Tax Planning, 6th Edition

by Stewart H. Welch III, J. Winston Busby
February 2019
Beginner content levelBeginner
352 pages
9h 14m
English
Wiley
Content preview from JK Lasser's New Rules for Estate, Retirement, and Tax Planning, 6th Edition

APPENDIX BEstate Planning Terms

abatement The reduction of bequests when the assets of an estate are insufficient to pay all taxes, expenses, and bequests in full.

ademption When property listed in a will is subsequently disposed of prior to death, thus preventing the beneficiary from inheriting the property.

administrator The person or institution appointed by the court to administer or settle the estate of a deceased person who dies intestate.

alternate valuation date The date six months after your death (in most cases). Your estate representative has the option of valuing your assets as of the date of death or as of the alternate valuation date if certain criteria are met.

annual gift tax exclusion Everyone can give away assets or cash up to the annual gift tax exclusion amount to as many people as they desire each year free of gift taxes. For 2018, the annual gift tax exclusion amount is $15,000. For subsequent years the amount is indexed for inflation.

applicable credit amount A tax credit allowed by the federal government against taxes due on gifts or transfers from your estate, and for 2018 the applicable credit amount is $4,417,800.

applicable exclusion amount The basic exclusion amount plus the deceased spousal unused exclusion amount. See basic exclusion amount and portability.

basic exclusion amount The dollar value of assets that you can give to a nonspouse, noncharitable beneficiary either during your lifetime or at your death free of estate or gift taxes. For 2018, ...

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Publisher Resources

ISBN: 9781119559139Purchase book