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Estate and inheritance taxes are the taxes that apply when you transfer property or assets after you die. They are determined by the fair market value of your total estate, which can include, cash and securities, investments, real estate, business interests, property and valuable possessions like vehicles, jewelry or art. This can apply to both state and federal taxes. If your estate will be required to file estate and inheritance taxes, it is a good idea to consult an experienced estate and inheritance tax attorney.
Once the amount of your estate has been determined there may be deductions that can help to lower the amount of estate and inheritance tax that are required. These could include:
Because estate and inheritance tax laws can be complicated and can vary from state to state, it is very important to search for an experienced attorney in your area who has a good understanding of both federal and local laws concerning estate and inheritance taxes. This way you won’t end up with trouble down the road because you didn’t file the correct paperwork or pay the appropriate amount of tax.
Make sure you’re protected. Search for an estate and inheritance tax attorney today.