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Estate Taxes
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Although the term "death tax” has been thrown around to get voters agitated, the truth is that very few estates are subject to Federal Estate taxes.

Estate taxes are the most well-known of the three Federal transfer taxes. The others are the:

 

  • Gift Tax
  • Generation Skipping Tax
In 2014 only estates in excess of $5.34 million (or $10.68 million per couple) are subject to Federal estate taxes. Click here for a more complete history of the estate tax in the United States.

Individuals are permitted to gift an addition $5.34 million dollars during their lifetime to loved ones over and above the $14,000 annual gift per year.  Considerable wealth can be transferred during a lifetime. A well-thought out gifting strategy can significantly reduce or even eliminate Estate taxes.

Estates are often subject to state taxation at a lower level of wealth. States may also impose an inheritance tax.


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