Most people don’t have to worry about estate tax. But it still exists. There is no tax at the state level, so California does not have estate tax. Other states do. So if you have assets in other states, you may be subject to estate tax in those other states. At the federal level, that is a 5.45 million dollar exemption to estate tax. Meaning, if you have less than 5.45 million dollars in your estate at the time of death then you’re not going to have to pay estate tax. Well, your estate will not have to pay it. And if you are married it’s cumulative so you will have close to 11 million dollars in exemptions. And the exemption is indexed for inflation so it goes up every year. If you are around those figures you should be considering estate tax planning. You should also know that it is subject to Congress, so it does change. So if Congress doesn’t get much done it could happen and the tax laws could change. So it’s something that you have to keep an eye on.
Biddle Law is dedicated to helping clients preserve their wealth and provide for their loved ones. We work closely with individuals, couples, families and business owners to resolve critical estate planning issues such as asset protection, avoiding guardianships and probate, and Medi-Cal planning. Over the course of a lifetime, many events will occur that require the ongoing and comprehensive advice our firm is uniquely qualified to provide. When you need assistance with estate planning, we will offer you knowledge and compassion and put your mind at ease. Contact our office today for a consultation with our experienced estate planning lawyer.