Generally it is not a good idea to leave income inside a trust or estate at the close of a taxable year. The reason is that trust and estate income tax rates are compressed. An individual and a married couple does not reach the top income tax rate until they have almost $400,000.00 of taxable income. However, a trust or estate reaches the top income tax rate at $11,950.00 of taxable income in 2013, and income above that amount is taxed at a rate of 39.6%. For tax planning information, contact Cody & Linde, PLLC today.
The American Taxpayer Relief Act of 2012 provides no relief to trust and estate income taxes
Terms and Conditions for Use of Website: Matthew A. Linde, Esq., a Florida Bar Board Certified expert in Wills, Trusts and Estates, and Elder law and a shareholder at Cody & Linde, PLLC (the "Firm") makes available the information and materials on this website, http://www.floridaprobatelitigator.com/ (the "Materials") for informational purposes only to the user ("You.”). While Matthew A. Linde, Esq., hopes the Materials will be helpful as general information, Matthew A. Linde, Esq., does not warrant that the Materials are accurate or complete. Moreover, the Materials are general in nature, and may not apply to your legal issue. Under no circumstance do the Materials constitute legal advice and should not be relied on as such. Furthermore, Matthew A. Linde, Esq., accepts clients only in accordance with mutually agreed upon procedures and renders legal advice only after completion of those procedures and when it is legally permissible for Matthew A. Linde, Esq., to do so. Any usage of this website and Materials is provided with no warranties or guarantees of any kind. The hiring of a lawyer is an important decision that should not be based solely upon advertisements. Before you decide, ask Matthew A. Linde, Esq., to send you free written information about his qualifications and experience. Matthew A. Linde, Esq., regularly handles cases in Fort Myers, North Fort Myers, Cape Coral, Bonita Springs, (Lee County) Punta Gorda, Port Charlotte, (Charlotte County) and Naples including Marco Island (Collier County) and occasionally throughout the State of Florida. The Firm provides legal services in probate litigation and administration, trust lawsuits, will contests, estate litigation, fiduciary litigation, guardianship administration, estate planning, tax litigation and planning and elder law.
Terms and Conditions for Use of Website: Matthew A. Linde, Esq., a Florida Bar Board Certified expert in Wills, Trusts and Estates, and Elder law and a shareholder at Cody & Linde, PLLC (the "Firm") makes available the information and materials on this website, http://www.floridaprobatelitigator.com/ (the "Materials") for informational purposes only to the user ("You.”). While Matthew A. Linde, Esq., hopes the Materials will be helpful as general information, Matthew A. Linde, Esq., does not warrant that the Materials are accurate or complete. Moreover, the Materials are general in nature, and may not apply to your legal issue. Under no circumstance do the Materials constitute legal advice and should not be relied on as such. Furthermore, Matthew A. Linde, Esq., accepts clients only in accordance with mutually agreed upon procedures and renders legal advice only after completion of those procedures and when it is legally permissible for Matthew A. Linde, Esq., to do so. Any usage of this website and Materials is provided with no warranties or guarantees of any kind. The hiring of a lawyer is an important decision that should not be based solely upon advertisements. Before you decide, ask Matthew A. Linde, Esq., to send you free written information about his qualifications and experience. Matthew A. Linde, Esq., regularly handles cases in Fort Myers, North Fort Myers, Cape Coral, Bonita Springs, (Lee County) Punta Gorda, Port Charlotte, (Charlotte County) and Naples including Marco Island (Collier County) and occasionally throughout the State of Florida. The Firm provides legal services in probate litigation and administration, trust lawsuits, will contests, estate litigation, fiduciary litigation, guardianship administration, estate planning, tax litigation and planning and elder law.
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