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!
Q: Will my 2 children have to pay any estate taxes upon my demise?
- Q: Is it ever possible for someone without a trust to own real estate in California and AVOID probate given the high values of real estate?
- Q: If I only want 2 of my 3 children to inherit my home, would it be advisable to use a revocable transfer on death deed?
- Q: What’s the best way to ensure your estate doesn’t gobble up time and money in probate?
- Q: I only want one of my three children to inherit my house when I die. What do I need to do?
- Q: My late father owned a duplex as a joint tenant with his sister when he died. We also found his will, which stated he left all of his assets to me and my sister. Who will end up owning the duplex?