The federal estate tax is a tax that's levied on your assets after you die. Most estates don't require filing an estate tax return unless the total value of the estate exceeds a certain threshold. The federal estate tax should ensure that family dynasties who've amassed enormous fortunes pay their fair share in taxes.
After a hearing another high-profile dispute over abortion access, the justices will return to the bench on Wednesday to consider a routine case. An estate tax is levied on the estate of the deceased while an inheritance tax is levied on the heirs of the deceased. Only 17 states and the District of Columbia impose their own estate tax.
Inflation adjustments to the gift and estate tax exemptions, along with the pending sunset of some tax cuts, make 2024 the year to dig into estate planning strategies to minimize tax liabilities. President's FY 2025 budget tax proposals amount to a gross tax hike of over $5.1 trillion. Explore the Biden budget 2025 tax proposals to understand the potential impact on estate planning.