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.
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.