How To Get Around Inheritance Tax
Steve Duben, CPA (Partner, Duben & Natividad) gives expert video advice on: How can I get around the inheritance tax?
How can I get around the inheritance tax?
When you die, you know, depending on the size of your estate, you're going to pay some inheritance taxes. The way it is right now, if you were to die today, and your total estate is less than two million dollars, you don't have any inheritance tax or death taxes to pay. Estate taxes as it's truly called, in tax vernacular. If your estate's over two million dollars, you may have some taxes to pay, and they're high taxes. The tax rate for an estate is 45% of whatever is over that two million dollar range. You've got a very substantial estate? You could be paying some substantial money to the tax man. Again, there are ways to minimize that estate tax, but it's going to take planning, and it's planning before the fact. If you try to do the planning after the person dies, it's too late.