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 Inheritance Tax Planning: Leveraging Exemptions

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Unngoy
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PostSubject: Inheritance Tax Planning: Leveraging Exemptions   Fri Jan 07, 2011 11:54 pm

Here are possible exemptions that an individual can incorporate in inheritance tax planning:

* Annual income tax: 3,000 paid as income tax every year is exempted from inheritance tax. If in a given year, your tax amount is below 3,000, the remaining can be carried over to the next year.


* Give away gifts: Depending on the type and reasons, some gifts are exempted from inheritance tax. Wedding gifts or cash by parents worth 5,000 are not taxable under estate laws. Wedding gift to any individual worth 1,000 is also exempted. Gifts to trusts, political parties and charities are not taxable to a specified limit. Small gifts of up to 250 to anyone you know is acceptable under estate laws.


* Regular gifts from income: You can enjoy tax exemptions on gifts from your income such that it does not affect your lifestyle.


* Farm and heritage property: Farm, woodlands or heritage property owned by individuals is exempted in part from inheritance tax. However, the earning from farm or woodlands is not exempted.
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PostSubject: Re: Inheritance Tax Planning: Leveraging Exemptions   Sun Jan 09, 2011 9:48 am

* Annual income tax: 3,000 paid as income tax every year is exempted from inheritance tax. If in a given year, your tax amount is below 3,000, the remaining can be carried over to the next year.

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