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Do you know the actual rates, what value the estate must be at for it to kick in, and in which states? Are you aware of spousal transfers and other mechanisms t
by PaulRobinson 2y ago
Do you know the actual rates, what value the estate must be at for it to kick in, and in which states? Are you aware of spousal transfers and other mechanisms to reduce or avoid it?
Most people get very worried about “death tax”, until they do the numbers on their own estate and realise either it mostly doesn’t apply to them or it’s marginal.
In the UK this is often used as a major campaign point but the number of estates actually subject to it is quite small.
- paulddraper 2y agoYes yes and yes. And spousal transfers are hardly generational (most of the time).
- deleted 2y ago[deleted]
- tankenmate 2y agoThe rate in the UK is that just over 4% of estates attract Inheritance Tax (IHT).[0] [0] https://www.gov.uk/government/statistics/inheritance-tax-liabilities-statistics/inheritance-tax-liabilities-statistics-commentary https://www.gov.uk/government/statistics/inheritance-tax-lia...
- estreeper 2y agoIn the United States, federal tax applies when the estate is valued over $13.6M for 2024[1], though as you mention spousal transfers and other methods can be used for tax avoidance as well. 1. https://www.irs.gov/businesses/small-businesses-self-employed/frequently-asked-questions-on-estate-taxes https://www.irs.gov/businesses/small-businesses-self-employe...