Inheritance Tax Planning Services
Many people experience trepidation when dealing with the subject of inheritance tax, primarily because of a lack of understanding about the laws and regulations governing it.
Here are answers to some frequently asked inheritance tax questions:
What is Inheritance Tax ?
Where inheritance tax is applicable, it is levied at the state level instead of the federal level. Inheritance tax is a tax that you must pay when you receive money or assets from an estate. It is fairly uncommon with most states no longer requiring it and even those which do allowing circumstances for exemption. However, it may still be applicable in your state and can be levied at 1% in some cases and as high 20% of all assets inherited in others.
Is It a State or Federal Tax ?
Where Inheritance tax is applicable, it is levied at the state level instead of the federal level.
How Does It Differ From Estate Tax ?
The primary difference between estate and inheritance taxes exists in the responsibility for payment. In the case of estate tax, the taxes levied on the entire value of the estate and is paid from these assets before any assets a distributed to beneficiaries of the estate In the case of inheritance tax however, the beneficiary is directly responsible for payment.
Our Inheritance Tax Planning Services :
We can help to clarify whether or not you have any inheritance tax liability and calculate the extent of your liability. Drawing on our knowledge of all possible exemptions, we can ensure that you pay no more than the absolute minimum required and can also provide you with structuring options to limit this liability. We provide in-depth analysis of your situation, allowing us to deliver accurate projections about the rate of tax you may face as well as providing you with effective tax planning solutions for the present and future, designed to protect your inherited assets from over-taxation.
We can answer any questions you may have about your state’s inheritance tax laws, make you fully aware of all available exemptions, such as those often provided for spouses or dependents, and advise you on the best ways to utilize these exemptions.
Contact us to learn how our services can clarify and manage the complexities your inheritance tax situation for you.