Dinwiddie Commonwealth’s Attorney Ann C. Baskervill couldn’t share specifics in this case in a one-on-one conversation with NBC12, but she describes Otieno’s death as a series of vast mistakes.
Ferrari used B&T funds to pay for personal items, including gambling on horse races. He did not inform his tax preparer about the diverted corporate funds for tax years 2011 through 2014 and, as a result, B&T’s corporate tax returns and his personal income tax returns for each of these years were false.
Act now â estate tax planning under the Biden administration
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Over the past twenty years, there has been a dramatic change in the estate tax laws. Given the Democratic control established in Washington, D.C., additional estate tax reform is now a distinct possibility.Â
Currently, each person can give away during lifetime, or distribute at death, an amount of $11.7 million without being subject to federal estate tax. That high exemption amount may change under the Biden administration. Now is the time to speak with your advisor about reducing or eliminating your exposure to estate tax.[1]
Current estate tax laws
In 2001, the federal estate tax exemption amount [2] â the amount a person can gift during lifetime or transfer at the time of death â without being subject to estate tax was $675,000. The top estate tax rate was 55 percent.Â
Monday, January 25, 2021
Over the past twenty years, there has been a dramatic change in the Estate tax laws. Given the Democratic control established in Washington, D.C. this month, additional Estate Tax reform is now a distinct possibility. Currently, each person can give away during lifetime, or distribute at death, an amount of $11.7 million without being subject to federal Estate Tax. That high exemption amount may change under the Biden Administration. Now is the time to speak with your advisor about reducing or eliminating your exposure to Estate Tax.[1]
Current Estate Tax Laws
In 2001, the federal Estate Tax exemption amount [2] – the amount a person can gift during lifetime or transfer at the time of death – without being subject to Estate Tax was $675,000. The top Estate Tax rate was 55%. In 2010, the Estate Tax exemption was drastically increased to $5 million per person, subject to inflation increases, and the Estate Tax rate was dropped to 35%. The tax r