What Does Estate Tax, Inheritance Tax and Death Tax Mean In Estate Planning?
Taxes due on an estate at the federal or state level. Based on the current federal estate tax exemption 99.9% of current estates will not be subject to this tax.
Example Of Estate Tax, Inheritance Tax and Death Tax In Regards To Estate Planning
I had no idea that my dad’s estate, as a single person, had to be over $11.4 Million dollars before it would be subject to federal estate tax, and a married couple has to have more than $22.8 Million before they will pay federal estate tax. I hear politicians talking about cutting the federal estate tax all the time, but there’s no way I or anyone I know would ever come close to having to pay it.