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Estate taxes are taxes that will apply on your estate after you. These are taxes on your right to transfer property or assets to your heirs at the time of your death. Federal and state tax laws will require several tax-related formalities to be completed in a timely manner. Seek expert legal guidance from an experienced Orange County estate tax returns attorney at the Citadel Law Corporation about estate tax issues.
In order to calculate estate taxes, the Internal Revenue Service will consider all assets that you own, either completely or partly. For purposes of estate tax calculation, the Internal Revenue Service will use the fair market value of the assets, and not necessarily the value of the properties, or what you paid for them at the time of buying them.
IRS will refer to these items as the Gross Estate. This will include real estate property like your home, cash, stock, securities, insurance policies, and annuities, and other assets.
There are certain deductions that will also apply to your estate, including debts and liabilities. Not every estate will involve the filing of an estate tax return. If the estate is a very simple one, and only involves cash assets, stock, or jointly held property, then estate tax taxes may not apply, and you do not need to file returns.
It’s important for you to be aware of the estate tax deduction that you’re eligible for. For instance, if you are part of a married couple, you have been eligible since 2011 to pass some assets to your heirs without federal estate taxes being applied. Any remainder estate tax exemption remaining in your account can simply be transferred to your surviving spouse to use.
Speak to an Los Angeles County estate planning lawyer for advice and help filing estate taxes. Remember, estate tax laws are frequently evolving, and it’s important to seek guidance from someone who is up to date with the changes in the law. Any mistakes made in filing returns can be expensive. Call 949-852-8181 to speak with an Orange County estate tax returns attorney at the Citadel Law Corporation and get answers to your questions today.
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