Reduce Taxes on Wealth Transfer
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40% Flat Tax
The IRS takes a flat tax of 40% at the time of your death.
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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 2017, the estate and gift tax exemption is $5.49 million per individual, slightly up from $5.45 million in 2016. Which means you can leave $5.49 million to your heirs and pay no federal estate or gift tax.
A married couple is allowed to shield $10.98 million from federal estate and gift taxes. The annual gift exclusion remains at $14,000 for 2017. 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.
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- 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.
- 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.
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- To protect wealth transfer value from tax erosion, you can never begin estate planning too early.
A properly structured wealth transfer ensures the full value of your estate and protects children and grandchildren from divorce, risky investments, or negative life events.
Focus on what’s most important to you.
In the end, the people in your life hold far more value than any asset you have accumulated in life.
Make sure your loved ones inherit
your assets in a financially sensible way.
Domestic and International Estate and Tax Planning
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