Managing the Process of Settling and Closing a Loved One’s Estate

There are two types of death taxes you should be concerned about: the federal estate tax and the state estate tax. The federal estate tax is calculated as a percentage of your net estate. Your net taxable estate is the total value of all assets you own or control, minus certain deductions, such as funeral and burial costs and charitable donations. The tax on the taxable portion of the estate is paid from the estate itself before distribution to your beneficiaries.

You need to determine whether you may be subject to state estate and inheritance taxes. Additionally, you may have a taxable estate in the future as your assets appreciate. You should regularly review your estate plan with us to ensure it reflects changes in tax laws and shifts in your circumstances.