Q: Will my 2 children have to pay any estate taxes upon my demise?

by | May 10, 2023 | Estate Planning, Q&A |

A: Federal estate taxes are currently levied on all estates that exceed $12.92 million in value. Each state also has the right to charge its own estate tax at the state level. Fortunately, the State of California does not have an estate tax separate from the federal estate tax! As you can imagine, this topic is often the subject of intense political debate and the federal estate tax laws may be modified by Congress at any time, so make sure to check in periodically to see if your estate plan may need to be updated appropriately!