Tax Deadline Countdown: How to Minimize Your Estate Tax

lucyfrench123

Estate tax (sometimes called inheritance tax at the state level) is affectionately referred to as the “death tax” in political circles.  The gist of it: You die and the government taxes a portion of the estate you turn over to your surviving relatives.

The good news is, unless you have a pretty substantial estate, you don’t have to worry about it. For 2011, the estate tax exemption is $5 million, although this is scheduled to decrease to $1 million in 2013, which would affect a lot more people.

Once the estate owner dies, there isn’t much beneficiaries can do to reduce estate taxes, so if you plan to leave a sizable estate behind, the time to act is now. Read more in my new post on GoBankingRates.com: http://bit.ly/IszgRR

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