Wealth Transfer
Reduce Taxes on Wealth Transfer
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After you’ve built assets into an enviable estate, the IRS takes a flat tax of 40 percent on the value at the time of your death. With key exemptions.
For 2022, the estate and gift tax exemption is $11.4 million per individual¹. Which means you can leave $11.4 million to your heirs and pay no federal estate or gift tax.
A married couple is allowed to shield $22.8 million from federal estate and gift taxes¹. The annual gift exclusion remains at $16,000 for 2022. If your spouse is a U.S. citizen, you can leave him or her any amount of property, tax-free. If your assets exceed the exemption, you must preserve the exemption amount of whichever spouse dies first, or it may be impossible to claim it.
¹ These exemption amounts are scheduled to revert to the 2017 levels, adjusted for inflation – $5 million per individual and $10 million for married couples.
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State Taxes
More than a dozen states levy estate taxes, though at a lower threshold than federal taxes. But you can take a deduction at the federal level for any state estate tax paid.
Inheritance Taxes
Several states — Iowa, Kentucky, Maryland, Nebraska, Pennsylvania, and New Jersey — levy a separate inheritance tax, which differs from an estate tax, and is paid by your heirs, not the estate.
Although “death” and “taxes” are said to be guaranteed, who or what pays them is not!
To protect wealth transfer value from tax erosion, you can never begin estate planning too early.
Make sure your loved ones inherit your assets in a financially sensible way.
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