Estate Taxes

Full Video Transcript

Death and taxes, right? Well, there’s more truth to that than you may think. Sure, you have to pay income taxes, real estate taxes, sales tax, and other tax, but did you know your estate also might have to pay taxes when you die? They’re aptly called estate taxes. Basically, you have to pay the government a tax on the value of your estate, after certain minimums, when you die. Sometimes beneficiaries can’t afford the taxes, and certain estate assets may have to be sold to pay them. Not all the estates are valued at the levels requiring the tax, and even so, there are ways to legally minimize estate taxes. For more information about estate taxes, contact an estate planning attorney in your area today.