Estate taxes are a tax on the transfer of assets from one generation to the next. The federal government has a “gift tax” on lifetime transfers and an “estate tax” on transfers after death. Currently, that tax is only charged on transfer of over $11,700,000.
Some states also have a state estate tax. States that do have an estate tax usually have far lower limits than the federal exemption.
An estate planning attorney can help create an plan that can minimize, defer or avoid estate taxes entirely.
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