The good news is that 99% of people will never pay any estate tax or gift tax. The bad news is that those who do, it is a heavy tax.
The estate tax and the gift tax are related. You can give either at your death or during life $12.06m without paying a gift or estate tax. On amounts over that, the tax rate is 40%.
The estate/gift tax exempt amount is scheduled to go down in 2026 to about $6m. Cost of living changes between now and then will tell us exactly how much it will be.
Of course, all this could change if congress acts and the President signs a new estate tax law.
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By: Krause Estate Planning & Elder Law Center
Title: Estate and Gift Tax Basics -2022 Edition
Sourced From: www.youtube.com/watch?v=_Sx9WIUV0c0
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