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Home » Taxes

Do I Pay an Inheritance Tax When Someone Leaves Me Money?

March 27, 2019 by John Potter

When you are receiving an inheritance, you may wonder if you are required to pay a tax on the inheritance. The answer is probably not. The recipient of an inheritance is not going to be paying transfer taxes on the inheritance unless there is an inheritance tax in the state within which the recipient resides. Only six states have an inheritance tax (though Kentucky is one of them). There is no federal inheritance tax. An inheritance tax is not the same thing as an estate tax. An … [Read more...] about Do I Pay an Inheritance Tax When Someone Leaves Me Money?

Filed Under: Estate Planning, Taxes Tagged With: estate planning FAQs, taxes

Mortgages Payments and Retirement

November 27, 2018 by John Potter

One of the reasons that so many people want to have their mortgage paid by the time that they retire is that trying to make mortgage payments when you are living on a retirement income can be very difficult. Though paying off your mortgage before you retire may be exactly the right thing for you to do, it may be better to invest that money in other ways. Before you decide if you should pay off your mortgage, there are a few things that you may want to consider, such as the return on your … [Read more...] about Mortgages Payments and Retirement

Filed Under: Retirement Planning, Taxes Tagged With: Retirement Planning

What Is Estate Tax Exclusion Portability?

July 2, 2014 by John Potter

People who have been very successful financially must consider the impact of the federal estate tax. This tax carries a 40 percent maximum rate that can significantly erode the legacy that you are passing on to your loved ones. There is an estate tax credit or exclusion that separates those who must pay the tax from those who are exempt. In 2014, the exact amount of the federal estate tax exclusion is $5.34 million. Under current laws there can be annual adjustments to account for inflation. … [Read more...] about What Is Estate Tax Exclusion Portability?

Filed Under: Estate Planning, Taxes Tagged With: estate planning FAQs

Gift Tax in Ashland: Do I Pay a Tax on Gifts to My Children?

May 23, 2014 by John Potter

In Ashland, Kentucky, gifts that you give to others, including your children, are potentially taxable on the federal level. Because of the unlimited marital deduction, you can give unlimited gifts to your spouse free of the gift tax, but gifts to everyone else are subject to the tax. The reason why you generally do not have to write a check is because of the fact that there are gift tax exclusions. First, let's look at the annual per person gift tax exclusion. $14,000 Per Year, Per … [Read more...] about Gift Tax in Ashland: Do I Pay a Tax on Gifts to My Children?

Filed Under: Estate Planning, Taxes Tagged With: Gift Tax, gift tax in ashland, transfer taxes

Will My Heirs Face Inheritance Taxes?

February 5, 2014 by John Potter

There are different types of taxes that can enter the picture when you are transferring assets. Many people have heard of the estate tax, and they assume that an inheritance tax and an estate tax are the same thing. In fact, these are two different types of transfer taxes. Estate Tax An estate tax is levied on the entirety of an estate before it is distributed among the heirs. There is a federal estate tax that is applicable in all 50 states. The maximum rate of the federal estate … [Read more...] about Will My Heirs Face Inheritance Taxes?

Filed Under: Estate Planning, Inheritance Planning, Taxes Tagged With: inheritance tax, transfer taxes

What Is the Annual Gift Tax Exclusion in Florence Kentucky?

January 31, 2014 by John Potter

There are taxes on gifts in the United States. Technically, you should be keeping track of your gift giving so that you can report taxable gifts to the Internal Revenue Service. The reason why most people don't bother doing this is because of the gift tax exclusions that exists. In this post we will look at the annual gift tax exclusion in Florence Kentucky and briefly touch upon the unified estate and gift tax exclusion for clarification purposes. Unified Gift & Estate Tax The federal gift … [Read more...] about What Is the Annual Gift Tax Exclusion in Florence Kentucky?

Filed Under: Estate Planning, Taxes Tagged With: annual gift tax exclusion in florence kentucky, gift tax exclusion, tax efficiency strategies

How Can I Leave My Estate to My Spouse Tax Free?

January 23, 2014 by John Potter

You may wonder if you can leave your estate to your spouse tax-free, Before we answer this question, let's take a general look at taxes as they apply to bequests. Income Tax It seems as though you are asked to pay income taxes any time you receive an influx of money. This can lead to the believe that your spouse may be required to report an inheritance as income. This is not the case. An inheritance would not be looked upon as taxable income by the Internal Revenue Service. However, it should … [Read more...] about How Can I Leave My Estate to My Spouse Tax Free?

Filed Under: Estate Planning, Taxes Tagged With: Estate Tax, wealth preservation

Farmers Get Break Via New Tax Act

February 18, 2013 by John Potter

Some people who are potentially exposed to the estate tax would not consider themselves to be "wealthy." They earn a decent living as farmers, but they are certainly not living the lifestyles of the rich and famous. Many farmers own large pieces of land that have been in the family for generations. Over time it has appreciated considerably, and its value may exceed the estate tax exclusion amount. This concern weighed heavily on the minds of many farmers as 2013 approached. Without new tax … [Read more...] about Farmers Get Break Via New Tax Act

Filed Under: Estate Planning, Taxes Tagged With: Estate Planning, Estate Tax, Inheritance Planning

Work of Art Donated to Museum to Settle Estate Tax Case

February 11, 2013 by John Potter

There was an interesting settlement to an estate tax dispute that was reached recently involving a work of art that cannot be sold. The work in question, a sculptural combine called "Canyon," features a bald eagle that had been stuffed by a taxidermist. It is theoretically very valuable because it is the work of Robert Rauschenberg. However, eagles are a protected species. To prevent people from thinning out the species even further by killing eagles for sale protections were put into place … [Read more...] about Work of Art Donated to Museum to Settle Estate Tax Case

Filed Under: Estate Planning, Taxes Tagged With: Estate Planning, Estate Tax, Inheritance Planning

Something Couples Should Know About Portability

January 25, 2013 by John Potter

Because laws are always changing, you should develop an ongoing relationship with your estate planning attorney and be proactive about having your plan reviewed on an annual basis. Without periodic reviews, sometimes these changes in the law can render your existing estate plan obsolete. We had some notable changes at the beginning of 2013 after the passage of the American Taxpayer Relief Act of 2012. One of them was an increase in the maximum rate of the federal estate tax from the 35% rate in … [Read more...] about Something Couples Should Know About Portability

Filed Under: Estate Planning, Taxes Tagged With: Estate Planning, Estate Tax, Inheritance Planning

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Testimonials

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Overall The Potter Firm was very professional. They took what could of been a very complicated process and were able to break it down so it was a lot easier to understand. We are confident we now have made the right decisions in our estate planning. Good firm to work with.

DKS & KMS Client Review August 28, 2020

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John Potter has been a real pleasure to work with. He is very knowledgeable and explains things in a very simplistic manner so the average person can understand how/why the laws are written. He is very attentive and asks questions in such a way that not only helps him understand your goals, but also helps you think about what type of goals and expectations you should be considering. Exemplary client service.

David J. Client Review August 28, 2020

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My husband and I selected Ms. Potter to assist with our small business. She responsive and attentive every time I have a question or need assistance, and is extremely knowledgeable and able to answer any legal question I have had. I know I can count on Ms. Potter for all of my business legal needs and I would highly recommend her to anyone needing legal assistance with such.

Jillian Client Review August 28, 2020

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Ashland

ASHLAND
1620 Carter Avenue
Ashland, KY 41101-7631
Phone: (606) 324-5516
Fax: (606) 324-4766

Charlotte

CHARLOTTE
15720 Brixham Hill Avenue
Suite 300,
Charlotte, NC 28277
Phone: (704) 944-3245

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HUNTERSVILLE
11330 Vanstory Drive
Huntersville, NC 28078
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NORTHERN KENTUCKY
7310 Turfway Road
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