Getting started on your estate plan: Inventory and value assets; estimate tax liability

Getting started on your estate plan: Inventory and value assets; estimate tax liability

Could your estate be subject to the 45% federal estate tax? To find out, the first step is to determine what your estate is worth. Then subtract any assets that will pass to charity or your spouse (if he or she is a U.S. citizen). If your taxable estate will exceed the estate tax exemption ($5.45 million for 2016) reduced by any gift tax exemption used during your life, it will be subject to federal estate tax. This is a simplified explanation, so contact us for help properly inventorying your assets and assessing whether you need to worry about estate tax. Contact us for more information https://fwllp.com/about