The Source: Yahoo Finance
Publication Date: Feb 10, 2021
Reading Time: 3 Min
WARNING: Time Sensitive information.
Please 1. Note date and 2. Confirm all legal, tax and financial information with an account or attorney.
Yahoo Finance provides an overview of information relative to Estate Taxes as the publication date Feb 10, 2021. Please note this information can be out of date at any time following publication.
The article covers federal tax and what assets are subject to taxes. It covers the federal estate tax exemption, and notes as of the publication date, the exemption is set to go down significantly in 2026.
Additionally, per the article, discuss with your accountant the gift tax on money or property given during a decedent’s life, before filing on behalf of the estate.
It cites Federal Estate Tax Deductions. Accordingly, the assistance of an accountant will ensure the estate claims these properly.
Various states also tax beneficiaries and inheritance and the article lists which states do so as of the publication date.
Various states also have their own Estate taxes (On the estate rather than the individual beneficiary as per above) and the article lists which states do so as of the publication date.