Your Guide To Estate Taxes

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

(516) 932-5130 / (866) 932-5130

If you have been following our blog, then you know that this month we have placed much of our focus on estate planning. From defining the different types of beneficiaries to talking about protecting children, including charities in wills and how you can minimize estate taxes, we are your ultimate source of information when it comes to this particular financial topic. And today, we're going to continue by discussing a few other important things pertaining to estate taxes that we feel you should know:

1. As defined by the IRS, an estate tax is a "tax on your right to transfer property at your death." The tax value includes all of your assets and interests you have upon the day of your passing.
2. Estates that are not too complex in nature (for example, cash or joint property), normally do not require that an estate tax return be filed. However, when assets exceed $5,430,000 (as of 2015), filing is a must.
3. A gift-tax exemption is another approach you can use to avoid owing taxes. But, keep in mind that this refers to gifts that are given during your lifetime. According to this exemption, you can technically hand out $5.43 million without being held responsible for taxes if this is the route you choose.

For more details about estate taxes, including additional information about tax exemptions and tax exclusions, click here.

Here at American Investment Planners LLC, we understand that estate planning can be tricky, especially when it comes to dealing with taxes - that's why we're here to help! To learn more about our estate planning services, please be sure to visit our website or give us a call at (516) 932-5130.