Estate Tax
An estate tax is a tax on the transfer of property upon death. This tax is based upon the value of the property transferred and may include property transferred during lifetime since the federal estate and gift tax act may include certain lifetime transfers of wealth. An estate tax differs from inheritance tax which is a tax on the right to receive the property.
The federal estate and gift tax act takes into account the value assets that many people do not realize are included in determining whether they meet the threshold to be taxed. Exemptions, deductions, and other factors must be analyzed to determine whether your estate might be subject to this tax. We can help you make that determination and develop a strategy which may either eliminate and/or minimize estate taxes.
With the changes in the tax code raising the exclusion amount and providing for the portability of an unused spouse's exemption amount, many of the more sophisticated estate plans prepared in previous years are now obsolete and may make the handling of the estate far more complicated than necessary. We can review your particular situation, along with your estate planning documents, to determine whether revisions would be helpful in simplifying your estate.