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Along with the recent talk of health care and income tax reform, there has been much discussion of repealing “death” taxes or estate taxes (see our earlier post regarding that topic here). We are yet to find out if there is enough political support to make that happen or how transferring wealth at death will look without it. More certain, however, is that another wealth transfer tax, the gift tax, is here to stay, primarily because the gift tax has long been considered a “backstop” for the income tax. For example, potential gift tax consequences complicate plans to transfer property to an individual in a lower income tax bracket solely to sell the property before transferring the proceeds back to the original owner.
The Internal Revenue Service has released the Applicable Federal Rates (AFRs) for May 2017. AFRs are published monthly and represent the minimum interest rates that should be charged for family loans to avoid tax complications.
Here are the rates for May 2017:
Moving from one state to another is often time-consuming. You may spend days looking for the right home or apartment, and more time painting, remodeling or ripping down outdated wallpaper — not to mention countless hours bubble-wrapping and then unpacking fragile items.
But to really make sure your move is perfect, you need to review your estate plan with an attorney. While trust and estate laws may be similar from state to state, no two legal systems are identical.