A Simple Way to Avoid Paying Estate Taxes | Estate Planning TV 023
A Simple Way to Avoid Paying Estate Taxes
If you live in Washington State your estate tax burden starts at $2.129 million dollars.
That might sound like a lot, but when you factor in the price of real estate AND the fact that life insurance counts in that calculation, it doesn’t take much to reach that $2.129MM estate tax threshold.
And, once you get there, the money adds up fast.
On the first million over that mark you are paying a 10% tax.
On the next million it’s 14%.
That means if you have an estate that’s a little over $4 million dollars and you die you are looking at a $240,000 estate tax bill!
There are some ways to reduce and eliminate your estate tax liability, it just takes a little a little strategizing, a little planning, and the help of a great estate planning attorney.
And, when you’re done, If you want to talk more about your own estate planning needs and wants, click here and schedule a strategy session.