Once you're worth more than a certain amount, taxes "shrink" your estate. Under the 2010 tax law, you can transfer up to $5 million tax-free during your life or at death. This figure, called the basic exclusion amount, is also adjusted for inflation. In 2012, this amount was raised to $5.12 million per person. The new tax law does not change how much you can pass tax-free. On Jan. 11, 2013, the IRS announced that, with the inflation adjustment, the estate tax exclusion amount for deaths in 2013 would be $5.25 million.
Who has to pay federal estate tax?
About Swier Law Firm's Estate Planning & Probate Practice Group
Swier Law Firm has a nationally recognized practice in estate planning and probate law and handles the following types of cases:
- Estate Planning: Wills & Living Trusts
- Legacy Planning
- Family-Owned Businesses & Farms
- Powers of Attorney & Living Wills
- IRA & Retirement Planning
- Asset Protection & Business Planning
- Special Needs Planning
- Trust Administration & Probate
Take a look at our valuable estate planning books and articles. Our materials are full of tips and advice. All materials are written by the law firm's nationally recognized estate planning attorneys and provide detailed South Dakota-specific information designed to help anyone with estate planning issues. You can request your free copy by clicking on the book cover below.
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