Depending on how many assets you can claim when you die, your estate may have to pay taxes before your assets can be distributed to your heirs. Estate taxes must be paid in addition to probate expenses and final income taxes. Federal estate taxes can be expensive and must be paid in cash within nine months of your death. Because few estates have this kind of cash on hand, assets often have to be liquidated.
Your Estate must pay Federal estate taxes if the net value of your assets is more than the exempt amount set by Congress. For 2011, the exemption amount is one million dollars which is easier to reach than many of us think considering the fact that your assets include your home, business interests, personal property, retirement plans and life insurance policies.
Meurer Law Offices can help you with proven strategies for mitigating the impact of estate taxes on your heirs. Call us today to begin the process of protecting the future for your heirs through estate tax planning.