How do I Avoid the Estate Tax?
Today, we’re talking about how to limit or avoid completely the estate tax. The estate tax is levied upon death. It’s called the death tax. It’s levied after the government gives you an exemption, an amount you can have without paying any taxes upon death.
So if you have less than $11.49 million as of today in 2019, You won’t have to pay a tax. But if you are over that amount, you will have to pay a 40% tax on all of those assets above the exemption. They want it in nine months. One question that was all all the time is, what do I do? I’m over that amount and I don’t know exactly, specifically what to do here.
So, is there a way to limit it? And the answer is, absolutely yes. There are many ways to limit this. A lot of estates that are over the exemption amount, over the $11.5, or if you’re married, $23 million, engage is these acts today, so that they don’t have to worry about in the future.
There are irrevocable trusts you could make. There’s transfers, there’s sales, There’s so many styles of ways. There’s fractionalization. we prepared a video after this, explaining these types of estate planning, well they’re advanced estate planning. But again, only necessary if you need more than the exemption amount. Which is going to sunset to $5 million in 2026. So get moving, try to get it done right now so you can try to take advantage of the extra $11.5 million per couple that you could use today.
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