Probate, Estate Planning and Guardianship

INCREASE IN ESTATE TAX EXEMPTION

The 2018 estate tax exemption amount has increased to $11.2 million. This is more than double the 2017 estate tax exemption amount of $5.49 million. A married couple could potentially exclude $22.4 million from estate tax for the year 2018. However, the new exemption amount will sunset at the end of year 2025. This means …

2017 ARIZONA TAX CREDITS

Arizona has a number of tax credits available for Arizona residents, including dollar for dollar credits. For example, if you contribute $200 to a charity that qualifies under the Working Poor Tax Credit, you may qualify to receive a $200 tax credit (See Arizona Form 321). Some 2017 tax credits are even available for contributions …

2018 ESTATE AND GIFT TAX UPDATE

The 2018 federal exemption against estate and gift taxes is $5,600,000 per person. The current federal estate tax rate 40% for estates that exceed the exemption amount. The federal gift tax annual exclusion increased to $15,000 per person per donor. This is a $1,000 increase to annual exclusion amount, which had been stuck at $14,000 …

WHAT ARE NON-PROBATE ASSETS?

The most common question I hear from clients is “what are non-probate assets?” The most basic answer is that any asset that designates a beneficiary is most likely a non-probate asset. First, we must understand what are probate assets. Probate assets are any assets titled in the name of the decedent. If an asset is …