How Taxes Are Imposed On An Estate
Estate tax in the United States is imposed on the transfer of your estate upon death, whether such property is transferred via a will or according to Massachusetts laws of intestacy.
Estate tax is one part of the unified gift and estate tax system in the United States. The other part is the gift tax, which imposes a tax on transfers of property made during your lifetime. Gift tax prevents avoidance of estate tax should you want to give away your estate.
Further complicating the matter, many people think that estate and inheritance tax are the same thing. However, inheritances are subject to some tax exemptions. Though inheritance tax rates can be high, they work in different ways depending on the inheritance and the state you live in.
Find The Best Ways To Protect Your Estate
Understanding the best legal options to avoid paying excess taxes requires comprehensive knowledge of federal and state law. This is where our attorneys come in. At the Center for Elder Law & Estate Planning, we will take the time to understand your family’s objectives now and in the future so we can effectively minimize the taxes you could face.
There are legal and allowable ways to shelter yourself from these taxes such as a detailed will and irrevocable trusts. Our lawyers will craft a comprehensive plan to minimize your tax burden.