Schedule a Call

Fill in your details below and we'll have one of our product specialists contact you.


How Much Tax Could Someone Above the Estate Tax Threshold Pay?

When you pass away, your estate could be taxed above certain thresholds established on an annual basis. This has risen to $11.7 million in 2021 with an exemption that is set to expire at the end of 2025. However, it is possible that legislative and fiscal pressures could push a change to occur sooner rather than later.

This large exemption means that many people have put off the process of estate planning altogether but this could be a significant mistake. The federal estate tax and gift tax is currently 40% on those amounts over the $11.58 million threshold in 2020.

This is outside of the fact that some individual states can also levy their own estate tax. If the gift exemption is decreased by a lot by any oncoming legislation, this will make it very challenging for people with higher amounts of assets to minimize their taxable estates. This is why it’s important to have an established relationship with an estate planning lawyer to help keep you aware of these issues and help you to navigate these circumstances when they occur.        

Get Your FREE Report Now!

Three Reports Tell Secrets to Paying for Nursing Home Care

Simply enter your name and email to the right to get
your 3 Free Reports that reveal little known secrets to qualifying for Medicaid without going broke.

Plus, receive the Morton Law Firm email newsletter and alerts to upcoming education events absolutely free!

Morton Book

Call Us (601)925-9797 or Email Us

Copyright 2018 Morton Law Firm, LLC | Privacy | Disclaimer | Sitemap