Estate Tax Planning
Preparing For Estate Tax Is Crucial
The federal estate tax is an excise tax levied on the transfer of a person’s assets after death. Sometimes referred to as a “death tax” or “inheritance tax,” it’s more accurately a transfer tax. Legal planning can help avoid or minimize federal estate taxes.
Recent Laws Have An Impact On Your Taxes
As of January 1, 2018, Federal estate tax is only applicable to those who have estates larger than $11,180,000. Even before the most recent changes, people had to have estates larger than $5,490,000 to be subject to federal estate taxes.
Planning for estate tax reduction is not something that can be accomplished by reviewing information summarized on a website. Families with wealth large enough to be subject to federal estate tax should consult with their advisers not only to plan for saving taxes, but also, even more importantly, to educate and prepare heirs to receive and prudently manage that level of wealth.
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The tax, legal and human issues involved in estate and gift tax planning require considerable thought and the assistance of competent and experienced estate planning professionals.
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