Probate, Estate Planning and Guardianship

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 …

2017 FIDUCIARY INCOME TAX UPDATES

Here are 2017 income tax rates for fiduciary income tax returns:  2017 Income Tax Rates for Estates and Trusts (Form 1041): Taxable Income              Tax Rate $2,550 or less                15% of taxable income $2,550 – $6,000             $382.50 plus 25% of excess over $2,550 $6,000 – $9,150             $1,245 plus 28% of excess over $6,000 $9,150 – …

2017 ESTATE AND GIFT TAX UPDATE

The 2017 federal exemption against estate and gift taxes is $5,490,000 per person. The current federal estate tax rate 40% for estates which exceed the exemption amount. The federal gift tax annual exclusion remains $14,000 per person per donor. The federal generation-skipping transfer tax exemption was also increased to $5,490,000 per person.  The State of …