Tarzana Estate Planning Attorneys

With Proper Planning, You May Reduce or Eliminate Estate Taxes. Call (800) 489-1984!

Estate taxes are the taxes that may be imposed on the value of your estate at your death. There are two levels of taxes that may be imposed: federal and state. California residents are subject to federal estate taxes only because California has eliminated state-level estate taxes. As a California resident moving to another state, you may be subjecting yourself to that state’s estate taxes.

Generally speaking, the amount of estate taxes you pay is determined by the size of your taxable estate, the value of the federal estate tax exemption and the federal estate rate. At this point, for any person who dies in 2022 and has over $12,060,000, there will be a 40 percent federal estate tax levied on every dollar over $12,060,000. There is uncertainty as to the exact amount of federal estate taxes due at the time of your death because of constant changes in federal tax laws.

There are many planning strategies that can be used to minimize or reduce your estate tax liability.

At Goldfarb & Luu, we can help you plan according to your wishes and determine the best tax strategies for your unique situation. Call us today at 800.489.1984.