Estate Tax Planning


Expect the Unexpected

You work your entire life to save, and make good financial decisions so that you can have enough when you retire, and then, hopefully, leave something to your loved ones after you die. Along life’s way you pay taxes… income taxes, property taxes, sales tax. At the end of the day, the government wants to tax you one last time, after you die on whatever you have left. This is called the federal estate tax (also known as the inheritance tax or the death tax).

What You Need to Know:

  • The estate tax is separate from the income tax, and is paid on the net value of all your assets, including life insurance, owned at your death in excess of the exempt amount;
  • The estate tax rate is currently 40% (and has been as high as 55% in recent years);
  • For most families, estate taxes are totally voluntary. Only people who fail to plan will end up paying estate taxes.

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