Older parents are becoming more common, driven in part by changing cultural mores and advances in infertility treatment. But...Read more
Key Estate Planning Numbers Are Changing in 2006
- November 23rd, 2005
A number of important estate planning numbers will change when the clock strikes midnight on December 31.
Whatever you own is subject to the federal estate tax upon your death, but not all estates are taxed. The federal estate tax exemption is rising to $2 million in 2006. In 2005, the exemption was $1.5 million. This exemption will increase incrementally until it reaches $3.5 million in 2009. Unless Congress acts, in 2010, the estate tax will be repealed in 2010 and then will revert to $1 million in 2011.
In addition, the generation skipping transfer tax exemption increases to $2 million. The tax applies when you give money to your grandchildren.
At the same time, the annual gift tax exclusion is rising to $12,000. For more on this, click here.
In addition, there will be changes in the deductibility of long-term care insurance premiums from taxes. For details on this, click here.
For more on estate taxation and gifts in general, click here.
Local Elder Law Attorneys in Ashburn, VA
Hammond and Associates, LLC, Elder Law, Estate Planning, Wills, Trusts, Probate
For Jeffrey Hammond, the practice of Elder Law is personal. Jeff’s many years of experience in law and in business did not prepare him for the crisis he faced in 2005 and 2006 when his father suffered a stroke and both of his parents suffered from dementia and other medical problems. At that time, Jeff began an i...
Ron M. Landsman, P.A.
Ron M. Landsman has been practicing elder law since 1983, before it was known as elder law, originally with Landsman and Laster, Washington, D.C., then Landsman, Eakes and Laster, also in Arlington, VA, and since 1990 in his own practice in Montgomery County, Maryland. He has been among the most active members of the...
Law Offices of John L. Laster
John Laster is a lawyer licensed to practice in Virginia, Maryland and the District of Columbia. He limits his practice to wealth transfer planning, trusts, wills, powers of attorney, health care decision-making issues, estate administration and related tax, elder law and disability concerns. Listed in The Best Lawyers...