What is the Estate Tax?

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Estate tax varies depending on the year of death, so if someone dies in 2008, the estate tax is 48 percent of anything more than $2 million. Understand estate taxes with information from an IRS tax agent in this free video on personal finance.

Part of the Video Series: Paying Taxes
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Video Transcript

We're going to talk about the Estate Tax. If a person should die in 2008, their Estate Tax could be: anything under two million dollars, zero Estate Tax; anything above two million is taxed at about 48%. If you should, if your, if you should die in 2010, however, there is a zero Estate Tax for that year only and then it's going to drop back down to a one million dollar exemption. That 48% is a very hard number. I urge everyone to prepare your estate. Get a trust of some sort. Take care of things so that that tax does not kick in. Thank you.

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