Oklahoma residents like you who are dealing with matters of the estate will have quite a few hurdles to handle in the process. Lidia Law Firm, P.C., is here to help with these potential issues, including matters of estate taxes, which can be high and hard to handle.
Historically speaking, federal estate taxes are quite expensive. They can be between 45 and 55 percent and must usually be repaid nine months after an individual passes away. Obviously, this can create a lot of financial strain on the individual who is left paying. Fortunately, there are some ways to reduce these taxes.
The first is removal of assets from the estate. This can be done by an individual before their death. By taking assets out of the estate, they no longer fall under estate jurisdiction and won’t be taxed as estate property.
The second way is that an individual can buy life insurance that will replace any assets given to charity. Remaining estate taxes can also be paid off.
Third, if you are a married individual, you can use both estate tax exemptions. This can make a pretty hefty dent in the percentage of taxes that you will owe at the end of the proceedings.
If you are struggling with matters of the estate, particularly estate taxes, consider taking a look at our linked webpage. You may also wish to seek the consultation of an attorney who is familiar with the subject area, as they will likely be able to help guide you through the unfamiliar situation.