How Much Are Estate Taxes?

How Much Are Estate Taxes?

 Estate taxes are taxes imposed on the property a person leaves behind when he or she passes away.  The applicable rates for estate taxes range from 34% to 40%.

That’s the bad news.

The good news is that federal law exempts the first $5.5 million of a decedent’s property from those taxes.  So, until a person leaves more than $5.5 million of wealth behind, no federal estate taxes will be imposed. 

For married couples who have property with a value in excess of that amount, the exempt amount can easily be doubled to $11 million. 

So, for the just about everyone, there are effectively no estate taxes that will be due upon death.

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Author: Barry Peters. For additional easy-to-understand information on Wills, Trusts, and Probate, call attorney Barry Peters’ offices at (208) 939-2600 for your expedited appointment for a FREE OFFICE CONSULTATION or visit his Q & A pages at BarryPeters-Law.com/common-questions. As always, your total satisfaction is guaranteed by Barry Peters, Attorney at Law, where all clients receive individual attention to the details of their unique circumstances.



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