A Quick Word from Terry, Mike and Dug:

During this time of uncertainty and sheltering-in-place, we will continue to have at least one person in-office daily until at least 1:00 PM PDT to meet the needs of you, our clients.  Alternate servicing procedures are also in place so direct face to face contact can be minimized.  If you must leave a voice message or contact us by email, know we will get back with you as quickly as possible.We are here to serve your needs despite this situation. From everyone at Laguna Financial Services 

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Federal Estate Taxes

How Much Estate Tax Might You Owe?

If upon your death the total value of your estate is less than the applicable exemption amount, no federal estate taxes will be due.

Taxes are an important consideration in distributing your estate because the money your estate pays in taxes will not be available to your heirs. Each estate is allowed a federal estate tax exemption, an amount that can pass transfer-tax-free, either through lifetime gifts or at death. The American Taxpayer Relief Act of 2012 extended the federal estate tax with a top tax rate of 40 percent. In 2020, only estates valued at $11.58 million (or $23.16 million for some married couples) or more may be subject to the federal estate tax. If upon your death the total value of your estate is less than the applicable exemption amount, no federal estate taxes will be due.

You can use this calculator to estimate the taxable value of your estate and the approximate amount of federal estate taxes that could be owed.

Based on your estimates, these hypothetical results show the amount of federal estate taxes that could be owed on your estate.

Your Results

Net value of estate $0.00
Deduct federal estate tax exemption $0.00
Taxable value of estate $0.00
Multiply by federal estate tax rate 0.00%
Estimated federal estate tax due $0.00
Estimated amount to heirs and other beneficiaries $0.00

Are you comfortable with the amount you could pay in federal estate taxes? Keep in mind that many states and the District of Columbia have their own estate or inheritance taxes, or both, and many have exemptions less than the federal exemption. There are steps you may be able to take to help reduce your estate tax burden. Review your individual situation and develop a strategy to help reduce your estate tax liability and leave more money to your heirs.

How Much Will You Leave Your Heirs?

 

This is only an estimate of the federal estate taxes that could be owed on your estate.