Indiana Complex Will - Maximum Unified Credit to Spouse
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FAQ
The federal estate tax exemption shields $12.06 million from tax as of 2022 (rising to $12.92 million in 2023). 3 There's no income tax on inheritances.
This exemption is the value of assets you can give away, throughout your life and after your death, without being subject to the federal estate taxes described previously. For 2023, this exemption is $12.92 million/per person. Because the exemption is per person, married couples can give away double that amount.
On January 1, 2026, the exemption amounts are scheduled to revert to the previous $5 million exemption adjusted for inflation. For 2023, the individual lifetime exemption amount is set to increase to $12.92 million, an increase of almost $900,000.
The spouse exemption is unlimited if neither of the spouses or civil partners is UK domiciled or if a non-UK domiciled individual makes gifts to a UK domiciled spouse or civil partner. However, the spouse exemption is capped when a UK domiciled individual gives assets to a non-UK domiciled spouse or civil partner.
The ?unlimited marital deduction? refers to the fact that gifts to a spouse, made during your lifetime or after death, are always exempt from the gift and estate tax. Moreover, there is no limit to the marital deduction.
Unified Tax Credit for the Elderly Your federal AGI is less than $10,000. You must have been a resident of Indiana for at least 6 months out of the current tax year. You were not in prison for more than 180 days in the current tax year. You must claim the tax credit by June 30 of the tax year.
Since Indiana is not a state that imposes an inheritance tax, the inheritance tax in 2023 is 0% (zero). As a result, you won't owe Indiana inheritance taxes.
Indiana Inheritance and Gift Tax There is no inheritance tax in Indiana either. However, other states' inheritance laws may apply to you if someone living in a state with an inheritance tax leaves you money or property. In Pennsylvania, for instance, there is an inheritance tax that applies to out-of-state inheritors.