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Taxes for your estate

 

Estate taxes are not exactly a common topic to be discussed about by people on a daily discussion oor conversation. When you walk down a street you hear mostly about fashion and what not but not at all estate taxes. If you have heard iit though, you must have passed acouple of tax collectors or something. Basically we then need to clear out what an estate tax is. This is a tax that you would have or need to pay on the money and other property that comes to you because someone has died or has passed away. In some cases this is talked about when someone is deceased. Some people knoe this also as a tax on an estate that you inherit, and a tax levied on an heir’s inherited portion of an estate if the value of the estate exceeds an exclusion limit set by law. The estate tax is mostly imposed on assets which has been left to be distributed or left to heirs, but it would not really mean that it would apply to the transfer of assets to a surviving spouse. The right of these spouses to have to leave any amount to one another is known as the “unlimited marital deduction.” This is then wen the surviving spouse who inherited an estate had died, and then the beneficiaries may then owe estate taxes if the estate exceeds the exclusion limit. Because the estate tax can be quite high, careful estate planning is advisable and is more than anything needed given how important it is to get things financial very secure.

It was even evident that back in the year 1997, there was a change in U.S. laws which then included the increased the value of assets that a beneficiary may exclude from federal estate taxes. With this change of laws, mostly all the small business owners became able to pass on farms and other qualifying businesses to their heirs in a more simple way.

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