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First things first, make sure you know the difference between the estate tax and the inheritance tax. The estate tax, sometimes called the "death tax," is money taken by the government from the ...
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Inheriting a home or other property can increase the value of your estate but it can also result in tax consequences. If the property you inherit has appreciated in value since the original owner ...
Gifting assets during the decedent’s lifetime can reduce the estate’s value and lower or eliminate inheritance taxes. Annual gift tax exclusions allow for tax-free transfers up to a certain ...
Reduce taxes on the pay for that extra work, and you will get more of it; reduce taxes on the profits from risk-taking, and entrepreneurs will take more chances and create more jobs. Reduce the taxes on recipients of inheritances, on the other hand, and they will work less and be less likely to start up new businesses..". [71]
The more planning you do now, the more you might be able to offset your estate tax liability or reduce inheritance taxes for your heirs. Talking to your financial advisor is a good place to start ...
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