Estate planning often helps to minimize estate and inheritance taxes. (But most
people won’t pay those taxes)
LARGE ESTATES-At the federal level, only very large estates are subject to estate taxes. So what constitutes a “large estate?”
The federal estate tax ranges from rates of 18% to 40% and generally only apply to assets over $13.61 million (in 2024). If you have an estate that surpasses that amount, you may want to consider a Grantor Retained Annuity Trust (GRAT). This is a type of irrevocable trust that can help reduce the amount of taxes your heirs pay.
SOME STATES HAVE ESTATE TAXES-Check with your state estate tax laws
SOME STATES HAVE INHERITANCE TAXES-This means that the people who inherit your money might need to pay taxes on what they inherited. (Check with your state’s estate tax laws)
*PLEASE NOTE:
This article is meant to provide background information and should not be considered legal guidance.
For more about our Estate Planning Team nd Services, reach out to us today:
(916) 572-1117 or Mickie.Giacomini@gmail.com
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