Estate tax is a tax on the transfer of the estate of a deceased person. Understanding the federal and state estate tax laws is crucial for effective estate planning, as it can significantly impact the value of the assets passed on to heirs. Strategies for minimizing estate tax liability, such as gifting and establishing trusts, can help preserve wealth for future generations. Consulting with a tax professional or estate planning attorney can provide valuable insights into managing estate taxes.

Published On: September 10, 2024Categories: Estate Planning, Estate Tax
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