Estate Tax is a tax that is applied to the assets of a person who is deceased.
If a person has passed away and has left property to an heir, there may be both federal and state estate taxes applied to the estate.
An experienced estate tax attorney is able to determine if taxes are applied to an estate.
To ensure that your heirs will not need to pay estate taxes, you should also work with an experienced estate tax attorney when planning your will.
There are many options available, including exemptions and deductions that will help lessen the severity of the estate tax and ensure that your descendants receive as much of the estate as possible.
The amount of money that can be saved due to careful estate planning can range from thousands to millions of dollars.
By working with experienced estate planners, as well as an estate attorney you can create a plan that will also help you protect your assets from future creditors. You will also want to avoid the cost of probate and ensure that your estate plan allows your heirs and dependents the most control of your estate as possible.