When a person passes away and leaves property or assets to heirs and beneficiaries, the government may assess a federal tax on the transfer of these assets. These taxes are based on the amount of the decedent’s estate and may also include insurance proceeds. Estate tax isn’t applicable in all cases and is often limited to estates over a certain value. Some states have an estate tax as well, often referred to as an inheritance tax.
Whether you’re creating an estate plan or are dealing with the loss of a family member, it’s important to learn more about estate taxes and how they may affect you. There are ways to effectively plan to minimize these taxes, and an attorney can help. Use our directory to find a qualified attorney in your area.