Estate & Gift Tax in Oakland County
Federal Estate Tax
An estate tax is a tax on the transfer of property at a person's death.
Currently Michigan does not have a state estate tax, but the United States
government reinstated the federal estate tax on December 17, 2010. Estate
tax is calculated by adding up the fair market values of the decedent's
assets and then subtracting applicable credits and deductions. As of 2013,
only estates worth over $5,250,000 have to pay estate taxes. An Oakland
County estate planning professional from The Offices of Stuart Lee Sherman,
PC can help you avoid the federal estate tax through carefully selecting
estate planning tools, including grantor-retained trusts.
Understanding Federal Gift Tax
If you give another person a gift, you may have to pay up to 40% in federal
tax on it. In 2013, the gift allowance was raised to $14,000. This means
that you can give another person $14,000 without being taxed. If you are
married, you and your spouse are able to give one person $28,000 without
the money being taxed. Certain gifts, such as college tuition, are not
taxed. Additionally, gifts to spouses, charitable organizations and political
organizations do not face taxation. There is a lifetime limit on gifts,
which is $5.25 million as of 2013; if you exceed the limit, the gift tax
will be imposed.
Our Oakland County tax planner can provide the skilled guidance you need!
If you are interested in planning for your loved ones, we can help you
leave them with the most inheritance. With a LL.M in taxation, Stuart
Lee Sherman is well-equipped to assist you with planning to avoid costly
taxes. For more information about our client-centered approach,
contact the Oakland County tax planning specialist from Stuart Lee Sherman, P.C. or take advantage of our
free case evaluation to learn about your options.
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