Scarinci Hollenbeck, LLC
The Firm
201-896-4100 info@sh-law.comFirm Insights
Taxpayers Can Expect Bigger Estate Tax Credits in 2014
Author: Scarinci Hollenbeck, LLC
Date: January 31, 2014
Key Contacts
Back
Individuals and families with a high net worth often have to pay a significant amount of taxes on their estate under U.S. tax law. However, there are bigger estate tax credits on the way for estates in 2014, according to the Motley Fool.
For example, the unified estate and gift tax exclusion amount is expected to increase from $5.25 million to $5.34 million. Additionally, the federal foreign earned income exclusion edged higher to $99,200, compared to $97,600 in 2013. General annual gift exclusions will have a new cap of $14,000, a significant jump from the $10,000 exclusion seen in 2000.
By taking advantage of these credits and deductions, individuals and families can reduce their tax bill. There are also other ways to lower estate taxes, including:
Create an Intentionally Defective Grantor Trust: According to Forbes, an IDGT is a trust that allows transferred assets to be moved from an estate for estate and gift tax purposes, but not for income tax purposes.
Married couples should take advantage of both exemptions: Each U.S. citizen is entitled to an estate tax exemption. Married couples are able to take advantage of both exemptions, which can reduce their estate tax bills, according to EstatePlanning.com. This may seem like a simple step to take, but many taxpayers may not be aware they are afforded both exemptions.
Give tax-free gifts: Each year, U.S. tax law allows people to give tax-free gifts. These can be up to $13,000 – $26,000 if married – to as many recipients as a taxpayer wishes. By completing this step, people are able to reduce their estate tax bill.
- Practices: Sophisticated Estate Planning & Wealth Preservation, Tax and Trusts & Estates, Estate & Trust Litigation, Real Property Tax Strategies
- Locations: Red Bank, NJ, New York City, Little Falls, NJ
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Related Posts
See all
Why Compliance Monitoring Matters for NY and NJ Businesses
Compliance programs are no longer judged by how they look on paper, but by how they function in the real world. Compliance monitoring is the ongoing process of reviewing, testing, and evaluating whether policies, procedures, and controls are being followed—and whether they are actually working. What Is Compliance Monitoring? In today’s heightened regulatory environment, compliance […]
Author: Dan Brecher
When Are New Jersey Business Owners Personally Liable for Corporate Debt?
New Jersey personal guaranty liability is a critical issue for business owners who regularly sign contracts on behalf of their companies. A recent New Jersey Supreme Court decision provides valuable guidance on when a business owner can be held personally responsible for a company’s debt. Under the Court’s decision in Extech Building Materials, Inc. v. […]
Author: Charles H. Friedrich
Commercial Real Estate Trends to Watch in 2026
Commercial real estate trends in 2026 are being shaped by shifting economic conditions, technological innovation, and evolving tenant demands. As the market adjusts to changing interest rates, capital flows, and workplace models, investors, owners, tenants, and developers must understand how these trends are influencing opportunities and risk in the year ahead. Overall Outlook for Commercial […]
Author: Michael J. Willner
One Big Beautiful Bill: New Tip Income Tax Rules Employers & Workers Need to Know
Part 2 – Tips Excluded from Income Certain employees and independent contractors may be eligible to deduct tips from their income for tax years 2025 through 2028 under provisions included in the One Big Beautiful Bill. The deduction is capped at $25,000 per year and begins to phase out at $150,000 of modified adjusted gross […]
Author: Scott H. Novak
One Big Beautiful Bill: New Overtime Tax Rules Employers and Employees Need to Know
Part 1 – Overtime Pay and Income Tax Treatment Overview This Firm Insights post summarizes one provision of the “One Big Beautiful Bill” related to the tax treatment of overtime compensation and related employer wage reporting obligations. Overtime Pay and Employee Tax Treatment The Fair Labor Standards Act (FLSA) generally requires that overtime be paid […]
Author: Scott H. Novak
New York’s FAIR Business Practices Act: What the New Consumer Protection Measure Means for Your Business
In 2025, New York enacted one of the most consequential updates to its consumer protection framework in decades. The Fostering Affordability and Integrity through Reasonable Business Practices Act (FAIR Act) significantly expands the scope and strength of New York’s long-standing consumer protection statute, General Business Law § 349, and alters the compliance landscape for New York […]
Author: Dan Brecher
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Sign up to get the latest from our attorneys!
Explore What Matters Most to You.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.