The Law offices of Anthony J. Montisano, Jr ., Esq

 

HOME PAGEFAQSWILLSTRUSTSPROBATEESTATE TAXESSERVICESPERSONAL INJURY

 

  Estate Taxes



 
   

There are two types of taxes, state and federal.

State Taxes
In the state of California and Nevada, unlike many other states, there are no inheritance taxes. When you die your heirs do not have to pay any taxes when they receive their share of your estate.

Federal Taxes
Under the federal tax legislation that was passed on June 7, 2001, called the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA2001) within nine months from the date of death, federal estate taxes must be paid, if the net value of the estate is greater than $3,500,000.00. Next year, 2010, the federal estate taxes will be completely eliminated, no matter how great the value of your estate. In 2011, the federal estate tax exemption will drop to $1,000,000.00, unless the new administration changes that amount. It is anticipated that the amount will be increased in 2011, but we don't know at this time what that amount will be.

However, if your estate is currently in excess of $3,500,000.00, then we will need to discuss the appropriate trust provisions that areavailable to you for use in your living trust.

 

 

 





Scales of Justice

 

DISCLAIMER THE MATERIAL CONTAINED ON THIS WEBSITE IS FOR INFORMATIONAL PURPOSES ONLY, AND SHOULD NOT BE CONSTRUED AS THE DISSEMINATION OF LEGAL ADVICE TO ANYONE BY THE ATTORNEY.
HOME bulletpoint FAQS bulletpoint WILLS bulletpoint TRUSTS bulletpoint PROBATE bulletpoint ESTATE TAXESbulletpoint SERVICES bulletpoint PERSONAL INJURY