Sunday, December 05, 2010 The Federal Estate Tax as of January 1, 2011
As of January 1, 2011 the Federal Estate Tax is scheduled to tax any estate in excess of one million dollars at 55% of that excess.
Through the use of trusts, both living and testamentary, an individual can plan to mitigate their estate tax liability. For example, an individual worth $2 million can use estate planning techniques to transfer the entire $2 million without paying a Federal Estate Tax. Without using such techniques, $1 million of the estate would be subject to a 55% Federal Tax, in addition to any applicable state estate tax.
If you would like further explanation or have any questions/concerns regarding the Federal Estate Tax, please feel free to contact us.
Matthew J. Maroney, Esq
Cristina Prieto-Maroney, Esq
Maroney Associates, PLLC
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