Tarzana Estate Planning Attorneys
With Proper Planning, You May Reduce or Eliminate Estate Taxes. Call (888) 489-1699!
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
2021 and has over $11,700,000, there will be a 40 percent federal estate
tax levied on every dollar over $11,700,000. 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 888.489.1699.