{{ wiki.title }}
{{ wiki.title }}
Law & Legal
  1. How to Qualify for a Medicaid Waiver
  2. Six Reasons Someone May Be Placed Under a Guardianship
  3. What Can Be Included in a Will?
  4. How Much Should You Put as a Down Payment on a House?
  5. 3 Assets That Can Fund a Trust
  6. Why You Should Have a Life Insurance Policy
  7. Is Real Estate a Good Financial Investment?
  8. S-Corp vs. C-Corp
  9. 5 Reasons Someone Might Disinherit a Child
  10. Benefits of a Testamentary Trust
  11. Steps on How to Sign Up for Life Insurance
  12. What is the Estate Administration Process?
  13. What Types of Government Benefits are Available for the Elderly?
  14. What is the Job of an Executor?
  15. What is a Simple Estate Plan?
  16. Why You Should Have a Will
  17. 3 Things You Need to Prepare Your Taxes
  18. Tips for Planning an Estate
  19. What is Electronic Notarization?
  20. Are There Requirements to Qualify for Medicaid Home Care?
  21. 3 Benefits of Tax Planning
  22. 3 Things to Know About Retirement Planning
  23. How Does Mental Illness Impact Your Estate Planning Process?
  24. What is a Lawsuit for Wrongful Death?
  25. What is The Tax Code?
  26. Guide to Become a Tax Advisor
  27. Does My Parents' Divorcing Impact My Inheritance?
  28. Guide to Understand When You Should and Shouldn't Buy a Home
  29. 3 Things a CPA Can Help With
  30. Tips to Maximize Your Tax Refund
  31. 3 Reasons You Should Have a Tax Accountant on Retainer
  32. Do Self-Employed Individuals Get Taxed Differently?
  33. What are Unclaimed Funds?
  34. 4 Things to Know About Surrogate's Court
  35. 3 Reasons Having Advance Directives is Important
  36. What are Estate Taxes?
  37. What is The Estate-Tax Exemption?
  38. Who Has to File Taxes?
  39. 3 Reasons You Should Have a Trust Protector
  40. Understanding Spousal Impoverishment
  41. Who Files Taxes For Businesses?
  42. Should I File My Taxes Using Turbo Tax?
  43. 3 Ways to Protect Against Financial Exploitation
  44. Who Qualifies for a Special Needs Trust?
  45. Guide on How to Write Off Business Expenses When Doing Your Taxes
  46. 3 Things Every Small Business Should Know
  47. Why Updating Your Will is Important
  48. What is the Probate Journey?
  49. What Happens if I Don't File My Taxes?
  50. Tax Accountant vs CPA
What are Estate Taxes? {{ currentPage ? currentPage.title : "" }}

When someone passes away, the assets they leave behind, including real estate, bank accounts and other things of value, are counted as the decedent’s estate. Estate taxes are taxes levied on the estate upon death in certain situations where the assets of the estate are transferred to heirs or certain other entities. Plan your legacy with confidence. Click here to consult a Long Island attorney for estate planning.

The amount of estate tax varies based on the size of the estate and the date of death. Estate tax exemptions have steadily grown over the years. In the past, estates consisting of $5 million or more were taxed, but in 2023, an estate valued at $12.92 million can be exempt from estate taxes. Estates subject to these taxes generally get taxed at a rate of 40%.

Can Estate Taxes Be Avoided?

It may be possible to avoid or reduce estate taxes in some situations. This can be beneficial if you want to make sure your loved ones or select entities receive the maximum percentage of your assets upon your passing. To remain within the law when preparing your estate to avoid or reduce estate taxes, it’s generally a good idea to work with a local estate planning professional.

Why Do You Need a Local Estate Planning Service?

Although estate taxes are levied by the federal government, different states have their own tax laws. Some states also issue their own taxes on estates after a resident passes away. A local estate planning service will know both federal and state laws to help you maximize the impact your assets can have upon your passing.

You can look for a local estate planning professional on the web by including your local area in your search query. As an example, people looking for estate planning services in the area east of Manhattan would want to search for a Long Island attorney for estate planning. By searching for a Long Island attorney for estate planning instead of just searching for general estate planning services, you’re more likely to find local professionals in the NYC area who can help you maximize your savings.

Author Resource:-

Mark writes often about estate planning. His articles may include topics like real estate closing attorney and business succession laws to help the people in needs. You can find his thoughts at estate planning tips blog.

{{{ content }}}