There are ways to minimize the estate tax that you should be planning before you pass.
The estate tax is a tax on your right to transfer property at the end of your life. It encompasses an accounting of everything you own or have an interest in on the date of your death. If you die in 2025, according to the IRS, and the value of your estate exceeds $13.99 million, it will be subject to an estate tax.
But there are ways to minimize the estate tax that you should be planning before you pass. From trusts to life insurance, you can ensure the federal government, and, in some cases, the state, take less of your hard-earned money.
Difference Between Estate Tax and Inheritance Tax
An estate above a certain dollar amount can be taxed by the federal government. According to U.S. Bank, the federal tax rate ranges from 18 percent to 40 percent.
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