Four Colossal Myths About Estate Taxes

As you go through life providing for your family, you may see a comprehensive picture. Your success can build on itself, and as you get older, you may recognize the fact that you are going to be in a position to leave behind a significant legacy for your loved ones to draw from after you are gone. This is a rewarding position to find yourself in as a senior citizen, but you do have to be aware of the potential impact of estate taxes. There are some misconceptions that people often harbor about taxes, and in this blog post, we will look at four myths that people often buy into. 1.) Every estate is subject to the federal estate tax. When you hear about the existence of estate taxes, you may automatically assume that your estate will be reduced through the imposition of these taxes after you are gone. This may be the case, but in fact, most estates are not subject to taxation. This is because there is a federal estate tax credit or exclusion that allows you to transfer a certain amount t

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