Search Results for 'Estate tax in the United States'

My partner and I have lived together for the past two years. I own the house where we live. My partner recently told me that he made a will and he is leaving his entire estate to me. He is not particularly wealthy but I understand he has a large life insurance policy. I don’t want to sound ungrateful but if my partner passed away would I be left with a very large inheritance tax bill?

UNMARRIED COUPLES. YOU COULD HAVE A LARGE TAX BILL IF YOUR PARTNER DIES.

Is your savings plan generating little or no return? Consider converting it to a life assurance savings plan and have the option of saving 33% in gift tax in the future.

Considering retiring and passing on the family business or other assets to your children? Don’t leave them all with a large tax bill to pay.

It was encouraging to hear the Minister for Finance announce in his recent Budget speech an increase in the tax free threshold on gifts or inheritances from parents to children. The threshold now stands at €280,000 (increase of €55,000) with effect from 14 October 2015.

The issue of inheritance and gift tax (CAT) is becoming more important to many people because of the reduction in the amount an individual can receive tax free. When an individual decides to transfer his/her assets to another person, either by gift or on their death, assets over a certain value will attract CAT. The current rate of tax is 25 per cent, there is speculation that it will increase in the upcoming budget. It is important that individuals plan the transfer of assets in a tax efficient manner, as many people may be forced to sell assets they have been gifted or left on an individual's death in an attempt to pay the CAT liability.

Now may be a good time to transfer assets and/or family owned businesses to the next generation and avail of the potential tax benefits arising from reduced property values and current tax reliefs.

On March 28 several staff members of IFAC accountants Kilkenny, along with Ben Fogarthy, met with several members of Kilkenny County Macra clubs from Freshford, Mullinavat, and Kilkenny.

That time of the year has come around again for getting your tax affairs in order. There are various taxes that need to be filed and paid in the coming weeks. They include the following:

It is said “every cloud has a silver lining” and this is true in today’s economy. While the news is full of doom and gloom, we should look on the bright side and consider what opportunities we can grasp.