How Much are Estate Taxes in Idaho?
Estate taxes (also called “death taxes”) used to be an issue for a significant number of clients. But due to changes enacted a few years ago by Congress (and signed by President Obama), there are no longer any estate taxes on the first $5.49 Million of property and possessions left to one’s heirs. And for married couples, that number can easily be doubled to $10.98 Million using a basic Family Trust or Living Trust.
Since very few people have a net worth in excess of $5.49 Million, most people no longer need to be concerned about estate taxes. For a married couple, the point at which taxation becomes a significant issue is twice that amount, or $10.98 Million.
Having said all of that, for the small percentage of people with property and possessions in excess of these limits, you do need to be aware that the value of such property and possessions in excess of that limit will be taxed at about a 50% rate. For such people, there are a few things that can be done to alleviate or eliminate those taxes, but that does require some very sophisticate estate planning maneuvers.
But, again, for the rest of us mere mortals, estate taxes should not be a major issue.
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/answers-to-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.