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The federal estate tax kicks in for estates worth over $13.61 million in 2024 and $13.99 million in 2025, but state estate taxes often have much lower thresholds.
Delaware and Hawaii allowed their taxes to expire after Congress repealed the credit for state estate taxes, but reenacted the taxes in 2010. Exemption amounts under the state estate taxes vary, ranging from the federal estate tax exemption amount or $5.34 million , indexed for inflation (two states) to $675,000 (New Jersey).
22 states and the District of Columbia offer a Free File program for state tax returns. The best way to get details on how to take advantage of the Free File program for your state is to visit ...
A trust company can be named as an executor or personal representative in a last will and testament.The responsibilities of an executor in settling the estate of a deceased person include collecting debts, settling claims for debt and taxes, accounting for assets to the courts and distributing wealth to beneficiaries.
The administrator of an estate is a legal term referring to a person appointed by a court to administer the estate of a deceased person who left no will. [1] Where a person dies intestate, i.e., without a will, the court may appoint a person to settle their debts, pay any necessary taxes and funeral expenses, and distribute the remainder according to the procedure set down by law.