Legal Question in Wills and Trusts in California
what amount tax @ 675,000
I understand the estate tax starts at 675,000, but do not know what amount is charged under this tax......or shall I say percent...millions at stake
Asked on 3/21/02, 10:54 am
1 Answer from Attorneys
Bruce Busch
Bruce R. Busch, Attorney at Law
Re: what amount tax @ 675,000
Actually, the estate tax is imposed on all estate assets over $1,000,000 as of January 1, 2002. Assets above that amount are taxed at 37% and this rate increases to 50% in increments. California may also have a state inheritance tax in addition to the federal estate tax (your message form suggests that California law is involved but this may not be the case). There are mechanisms to reduce or avoid assets exposed to estate tax liability. Please feel free to contact me concerning your estate planning needs.
Answered on 3/21/02, 12:34 pm
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