Does Louisiana Have an Inheritance Tax?
January 16, 2022
Do you have to pay taxes on inheritance?
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Do you have to pay taxes on inheritance?
Last week, Bruce Springsteen made headlines for selling his entire music catalog to Sony Music Entertainment in a reportedly $500+ million deal. A number of fans are now asking, “Why did Bruce Springsteen sell his music rights?
Some inherited assets are tax-friendly, but under new rules, others come with a hefty tax bill. We help you get the most out of a legacy.
Taxpayers should, of course, carefully consider whether to engage in a lifetime gifting strategy, which has other considerations beyond just estate taxes (such as the tradeoff with the ‘step‑up’ in basis, and non-tax family related considerations).
Probate is a legal process wherein a court oversees the settlement of an estate after the owner passes.
A recipient of a gift does not pay income taxes on the gift. However, the gift-giver may pay gift taxes, unless one of two exemptions applies.
Have you thought about how you’d like your family to continue after you’re gone? Having an estate plan isn’t just for the ultra-wealthy.
Unless you spend your winters in Aspen and your summers in the Hamptons, you probably don’t have to worry about paying federal estate taxes on an inheritance. In 2021, the federal estate tax doesn’t kick in unless an estate exceeds $11.7 million.
About 1.5 million Americans become widows and widowers in a normal year, but the pandemic has boosted that significantly. The National Center for Family and Marriage Research at Bowling Green State University estimates that about 380,000 of more than 700,000 people in the U.S. who have died from Covid were married.
In a nutshell, it might be better for your mom to put the home in a living trust that allows her to control the home while she is alive and allows you to inherit the home through the trust upon her death.
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