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Inheritance Tax Avoidance Strategies If you think you’ll be getting an inheritance when a loved one dies, the first thing you should do is check the laws in both the state you live in and the ...
Continue reading → The post Strategies for How to Avoid Inheritance Taxes appeared first on SmartAsset Blog. When a loved one dies, there are a lot of things to worry about, from planning the ...
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Assets left to any other heir, including the decedent's children, may be taxed if that portion of the estate has a value in excess of the lifetime gift, estate, and generation-skipping transfer tax exemption amount. As of 2023, the federal exemption amount was $12,920,000. For a married couple, the combined exemption is $25,840,000. [10]
The estate tax is part of the federal unified gift and estate tax in the United States. The other part of the system, the gift tax, applies to transfers of property during a person's life. In addition to the federal government, 12 states tax the estate of the deceased.
For example, a bequest in a will may be to one's grandchildren, often with a life interest to one's surviving spouse and then to the children, to avoid the payment of multiple death duties or inheritance taxes on the testator's estate. The rule against perpetuities was one of the devices developed to at least limit this tax avoidance strategy.
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