Federal Estate Taxes
The estate tax in the United States is a tax imposed on the transfer of the “taxable estate” of a deceased person, whether such property is transferred via a will, according to the state laws of intestacy or otherwise made as an incident of the death of the owner, such as a transfer of property from an intestate estate or trust, or the payment of certain life insurance benefits or financial account sums to beneficiaries.
Oakland Attorneys, Offering Experienced Guidance on Inheritance Tax Planning
The estate tax is one part of the Unified Gift and Estate Tax system in the United States. The other part of the system, the gift tax, imposes a tax on transfers of property during a person’s life; the gift tax prevents avoidance of the estate tax should a person want to give away his/her estate.
In addition to the federal government, many states also impose an estate tax, with the state version called either an estate tax or an inheritance tax. If an asset is left to a spouse or a federally recognized charity, the tax usually does not apply. In addition, up to $5,000,000 can be given by an individual, before and/or upon their death, without incurring federal gift or estate taxes.
Lawyers Advising on Gift Tax, Serving Sacramento and Other California Communities
Please call 415-441-8669 or contact our lawyers online via e-mail to schedule a free initial consultation regarding inheritance tax planning. We serve clients in Oakland and other communities throughout the Bay Area and Southern California.