Paul R. Durr, Attorney at Law

Paul R. Durr, Attorney at Law Legal practice concentrating in the representation of businesses and business owners, including comm

03/03/2019

Death of Estate Tax?
Senator John Thune, R-S.D., has again introduced S. 215, “The Death Tax Repeal Act of 2019” which would repeal the federal estate tax permanently. “Oftentimes, family-owned farms and ranches bear the brunt of this tax, which threatens families’ agricultural legacies and makes it difficult and costly to pass these businesses down to future generations,” said Thune. Senate Majority Leader Mitch McConnell, R-Ky., a co-sponsor of the bill, called the estate tax a “final insult to force grieving families to visit both the undertaker and the IRS on the same day.” Another bill, the “Estate Tax Rate Reduction Act,” has been filed and would lower the estate tax rate to 20%, the same as the rate on long-term capital gains.

12/02/2015

Hawaii also assesses a state estate tax.

12/02/2015

The IRS as announced that the 2016 estate and gift tax exemption is $5.45 million per individual, up from $5.43 million in 2015. This means that if your taxable estate (or spouses with combined estates) is less than $5.45 million, your estate will not pay federal estate or gift tax. A married couple may be able to shelter nearly $10.9 million from federal estate and gift taxes with proper planning. For those who exceed these limits, the federal estate tax is a whopping 40%. The exemption available to an estate is reduced by gifts made in excess of the annual exclusion amount. The annual gift exclusion remains the same at $14,000 per donee. However, state estate and inheritance taxes remain a concern as several states assess a state tax. Moving West to East, Washington, Oregon, Nebraska, Iowa, Minnesota, Illinois, Kentucky, and those States North of Chesapeake Bay (except New Hampshire), continue to assess a state inheritance or estate tax (or both).

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1777 S Harrison Street Ste 1500
Denver, CO
80210

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Monday 9am - 5pm
Tuesday 9am - 5pm
Wednesday 9am - 5pm
Thursday 9am - 5pm
Friday 9am - 5pm

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+13036919300

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