Get Trusts Etc (2011)

The annual gift exclusion for 2012 remains $13,000. See Annual Exclusion, later. For gifts made to spouses who are not U.S. citizens, the annual exclusion has increased to $139,000.

In Canada, there is no inheritance tax. You don't have to pay taxes on money you inherit, and you don't have to report it as income.

The gift and estate tax exemption will increase to $13,610,000 per individual for 2024. Married couples will be able to transfer up to $27,220,000 as both spouses can take advantage of the exemption. This is an increase of $690,000 per individual ($1,380,000 per married couple) from 2023.

The lifetime exemption was increased to $1,000,000 in 2002.

In the final year of administration, all trusts are "complex", because amounts other than income are necessarily distributed (Reg. §1.651(a)-3).

For decedents dying in 2012, the exclusion amount is $5.12 million. This means that the first $5.12 million of a person's assets are free from federal estate tax. Assets over and above this amount are taxed at the rate of 35% (in 2012).

In 2011, following passage of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act, the lifetime exemption on gifts increased from $1 million to $5 million, the unified credit increased from $330,800 to $1,730,800 (these were indexed to inflation for future years), and the gift and estate ...

Q: Do trusts have a requirement to file federal income tax returns? A: Trusts must file a Form 1041, U.S. Income Tax Return for Estates and Trusts, for each taxable year where the trust has $600 in income or the trust has a non-resident alien as a beneficiary.