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Travis Texas Form W-3PR: What You Should Know

Pay the Federal Estate Tax of 1,067,064, (2.35% of 6,0 m, not 1,067,064, not 3,366,668 of the  Total Estate.) The Federal Estate Tax is 1.4% of the Value of the estate (or if 11.5 million, 1,000,000)  Noting the above, a spouse can choose to leave the right to his/her entire estate to the spouse's “inheritor,” which would mean the  Inheritor will own the whole estate, instead of inheriting the whole estate. This is called Portability. The following is the basic form of Portability that is available: “If a person inherits and passes to his/her “Inheritor,” he/she will receive an estate tax exemption That exemption will be calculated on the “inheritor's” basis, and not the “inheritor's” “own” basis. Thus, the “inheritor's” exemption will be reduced at the rate of 1.24% (for the first 3.6 million in assets.  For assets over 3.6 million, the “inheritor's” exemption will be reduced at the rate of 1.26% per each 3.6 million in total assets. In this way, the “inheritor's” exemption, the amount on the estate tax return,  actually equals the 6,0 million exemption in the first place. (for those with 3.6M.) For example, an unmarried non-dependent surviving spouse, age 65, with 5.5 million in assets and 2 kids in school (ages 6 and 12), has a total tax exemption 3,533,717. Therefore, the total tax liability in the year of death, 6.2 million, will be reduced to 3,533,717 (1.04% 5.5M, 6.1M), plus 1,080,717 (2.01% of 6.00 million, 5.05M). Note that this is the taxable amount, but in addition, the tax would be subtracted from the gross estate. In this way, all the deductions on the tax return are actually tax.

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