ESTATE TAX

Estate tax or inheritance tax is tax on your estate's assets paid after you die.

LOUISIANA

There is no Louisiana Inheritance Tax. It has been phased out since 2004.

FEDERAL

The Federal Estate Tax Exemption for 2014, indexed for inflation, is $ 5,340,000 per person. In simple language one person may leave an estate of $5.34 Million and his/her estate pay no estate tax. A married couple may leave an estate of twice this amount in 2014 and face no estate tax ($10.68 Million).

Additionally, this exemption is portable. This means that if the first spouse to die does not use all of the exemption, the surviving spouse may use the balance of the deceased spouse's exemption.

Consult an attorney versed in estate tax or your C.P.A. if you plan to use the portability of your deceased spouse's exemption. An I.R.S. form must be filed timely expressing your intent to do so. Remarriage and other factors may affect the portability adversely.

LAWS

TAX RELIEF, UNEMPLOYMENT INSURANCE REAUTHORIZATION, AND JOB CREATION ACT OF 2010

Link: http://www.gpo.gov/fdsys/pkg/PLAW-111publ312/html/PLAW-111publ312.htm

AMERICAN TAXPAYER RELIEF ACT OF 2012

Link: http://www.gpo.gov/fdsys/pkg/PLAW-112publ240/html/PLAW-112publ240.htm