Estates valued over a certain threshold may be subject to Federal Estate tax. The current exemption threshold for 2021 is $11.7M per person or $23.4M for a married couple. This amount currently subjects less than 1% of estates in the US to Estate Tax. However, this exemption is set to expire on its own in 2026, and the current political environment seems poised to make a change in this area before then. The current rate is 40% tax on all assets over the exemption threshold amount ($11.7M/23.4M).
Using a variety of planning strategies, we can execute a plan that maximizes your estate and distributes more of what YOU built and acquired throughout your life to whom YOU want it to go. Without a plan, your heirs may be forced to liquidate assets in order to pay a tax bill to the IRS that otherwise could have been smaller or altogether non-existent. If you have more questions let an expert Estate Tax & Gift Tax Planning Attorney help you. Call us at (405) 342-0022.
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