Estate Taxes
Estate taxes are a tax imposed on the transfer of assets to others upon your death. Estate taxes may be taxed by the federal government and the State government. Technically, estate taxes apply to every estate, but the deduction allowed is usually high enough that only a small amount of estates are actually taxed.
Please click here to see the current state of the law in this area.
If estate taxes are due, they are payable nine months after the individual’s death. Also, please notice that the taxes are paid by the estate, not by the person receiving the assets from the estate.
There are several accepted methods of reducing or eliminating estate taxes, depending on your situation.