In the process of estate planning, many clients ask me as an experienced Media Estate Planning Attorney, whether or not their estate will be taxed. For federal estate tax purposes, if you’re a single taxpayer and your estate is over $5.45 million, you will be taxed. If you’re married, you’ll be taxed only if your estate is over $10.9 million. Because of the state’s unlimited marital deduction, property passed to your surviving spouse will not be taxed. Each individual state may have its own estate and inheritance tax obligations, however, so you need to be aware of the ones that will affect you.
Are you worried that your estate will be taxed when it transfers to your benefactors? Contact dedicated Media Estate Planning Attorney Steven Chisholm to guide you.
This educational video was brought to you by experienced Media Estate Planning Attorney Steven Chisholm. Our law firm proudly represents clients throughout Media, as well as Pennsylvania, and New Jersey.