Federal Estate Tax Bracket
What is it? The tax rate--starting at 37% and rising to as much as 55%--charged on assets above $650,000 when you die. If your spouse is your beneficiary, he or she will not be liable to pay the tax. All your assets, including your home and 401(k) are included in the calculation. The limit will gradually rise to $1 million in 2006. To avoid the government?s estate tax bite, you can reduce the value of your assets by choosing to give tax-free gifts of as much as $10,000 a year to relative; the gifts do not count against the overall estate tax exclusion.Added By: Parker
The Federal Estate Tax Bracket definition has been viewed 247 Time(s)!
Send To Friends!
If you'd like to send the Federal Estate Tax Bracket definition to yourself or to your friends/colleagues, just enter the e-mail addresses in the boxes below -We hope you now understand the meaning of Federal Estate Tax Bracket. If you need any more information on this term, please don't hesitate to contact us.