Category Archives: death tax

Tax Reform: Congressional Republicans Release Proposed Tax Bill

Finally we have something to look at in the movement toward tax reform. At the end of this post there are two links (1) a 90 page “summary” of the tax reform bill and (2) the tax reform bill known as the Tax Cut and Jobs Act.

On a quick perusal of the 425 page bill, the thrust of the bill is as follows:

  • Increase standard deduction
  • Fewer income tax brackets
  • Many deductions eliminated (the charitable and mortgage interest deductions are essentially intact)
  • Reduced corporate tax rate to 20%
  • Reduced non-corporate business tax rate to 25%
  • Elimination of the Alternative Minimum Tax
  • Estate and Gift Tax exemption increased to $10,000,000 per person
  • Phase out of Estate and Generation Skipping Taxes to repeal after 2023
  • Retention of step-up income tax basis upon death

Continue reading Tax Reform: Congressional Republicans Release Proposed Tax Bill

Estate Planning for H-1B Workers: Part 2 – The US Death Tax and you.

mixture-69523_640If you are a in the US on an H-1B visa and have more than $60,000 in assets here, keep reading.  The United States Federal Estate Tax applies to you.  The tax will apply differently to you based on whether you intend to return to your home country or already consider the US home and you plan to stay.  Either way, the tax is very likely more a significant issue than you realize.  Planning is appropriate.  Continue reading Estate Planning for H-1B Workers: Part 2 – The US Death Tax and you.