Elder Law Blog

Tuesday, April 8, 2014

Income, Estate and Gift Taxes

Only seven days left to file a 2013 income tax return on time.  If you are required to file a tax return, part of your Social Security benefits may be taxed if you have other income.  If one-half of your Social Security benefits plus your other income is between $25,000 and $34,000 (single), or $32,000 and $44,000 (married), up to 50% of your Social Security benefits may be taxable.  If your "combined income" is more than $34,000 (single) or $44,000 (married), up to 85% of your benefits may be taxed.  Here is an article on Taxation of Social Security Benefits.  There is also a tax credit for individuals who are disabled and elderly.  IRS Publication 524 provides more information on the tax credit.

Congress has permanently set the estate tax exemption at $5 million per individual and $10 per couple.   The exemptions, which have been increased for inflation,  are $5.34 and $10.65 million respectively in 2014.  The lifetime gift tax exclusion is also $5 million or $5.34 million in 2014.  Any number of gifts of up to $14,000 per individual per year can be given without counting toward the lifetime gift tax exclusion.

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Attorney Nancy Stone assists clients with Elder Law, Medicaid Planning, and Estate Planning throughout Harris County, TX. I am now based in Sugar Land and serve all of Houston, Harris County, Bellaire, Jersey Village, Cypress, West University, The Heights, Pearland, Alvin, Sugar Land, Missouri City, Kingwood, Humble, The Woodlands, Spring, Tomball, Richmond, Rosenberg Pasadena, Baytown, La Porte, Clear Lake, Texas City, Katy, Friendswood, Stafford, as well as Fort Bend County, Brazoria County, Montgomery County, Galveston County, Liberty County, Chambers County, Waller County and throughout Southeast TX.

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