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Definition of a Trust
What Does a Will Do?
Advantages of a Living Trust
Difference Between Will & Living Trust
Purpose of a Living Will
How to Set Up a Living Trust
How to Set Up a Living Will
What Is a Bypass Trust?
The Pros & Cons of a Bypass Trust
Cost of Setting Up a Living Trust
How are Trusts Taxed?
What Is a Revocable Living Trust?
The Purpose of an Irrevocable Living Trust
What Is a Durable Power of Attorney?
What Is a Probate?
Do You Always Have to Probate a Will?
When Do You Have to Probate a Will?
If You Die Without a Will is Probate Necessary?
What Is Made Public in a Probate?
The Probate Process Explained
What Is Estate Planning?
When Should I Begin Planning My Estate?
What Documents are Needed for Estate Planning?
What Does it Take to Be an Estate Planner?
What Is a Constructive Trust?
What Are Capital Gains Taxes?
What Are Capital Gains in a Bypass Trust?
Tenants in Common
Required Minimum Distribution
Federal Inheritance Taxes
What to Do When Someone Dies
A Checklist for When Death Occurs
Have You Been Named in the Will?
Have You Been Named a Beneficiary in a Trust?
Are Wills Open to the Public?
How Do I Contest a Will?
The Probate Inventory
When Does the Trust Stay Private?
What Is an Heir?
What Are the Rights of Heirs?
What Is an Heir Apparent?
Do Some Heirs Have More Rights Than Others?
What Is a Missing Heir?
Heirs' Rights in Absence of a Will
Definition of an Estate Executor
What is a Domiciliary Executor?
Guidelines for Choosing an Executor
What Is Executor Compensation?
Can a Trustee or Executor be Replaced?
How to Draw Up Executor of Estate Paper Work
What Is the Role of an Executor?
Guide for Estate Executors
Are There Executor Fees?
What Is an Executor's Deed?
Must an Executor Notify a Beneficiary?
Do Creditors Get Paid When Someone Dies?
Does the Will Say How Life Insurance is Paid?
Does a Will Trump Life Insurance?
Is an IRA or a 401k Paid According to the Will?
If You Are Beneficiary of an IRA or 401k
Who Gets Life Insurance Payable to an Estate or Trust?
What Happens if an IRA or 401k is Payable to the Estate Trust?
What Does it Mean if a Bank Account Says POD?
What Does it Mean if a Bank Account Says ROS?
Does it Avoid Probate to Have Accounts in Joint Tenancy With Right of Survivorship?
How Many Months Do You Have to File an Estate Tax Return?
When Do You Have to File an Estate Tax Return?
Do You Have to File an Income Tax Return After Someone Dies?
What Part of Your Estate is Taxable?
What Is a Family Estate Trust?
What Are Gift Taxes?
Asset Protection vs. Estate Planning
Elder Law vs. Estate Planning
Retirement Planning vs. Estate Planning
What Is Trust Fraud?
Estate Planning Checklist
Whom to Notify When Someone Dies
Family Estate Trust or Revocable Living Trust?
Tips for Wealth Management
General Types of Wills
How to Become a Probate Attorney
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Summary: Inheritance taxes, or death taxes, are federal taxes imposed when someone dies. Get the scoop on federal inheritance taxes from an estate planning and probate lawyer in this free video on estate law.
Brad Wiewel is board certified in estate planning and probate by the Texas Board of Legal Specialization and has been practicing law since 1978. His firm, The Wiewel Law Firm, is...read more
"Federal inheritance taxes are sometimes called estate taxes, sometimes they're called death taxes. It's a tax that's imposed when somebody dies. The law sets how much you can keep without tax, and everything over that is subject to tax. A single individual is given one exemption. The exemption may range from a million dollars up--the law changes constantly, frankly, in this area. Whatever it is in the year of death, is how much the deceased's family can shelter from federal inheritance taxes. Once we're over that amount, taxes can start in the forties and go up to fifty-five percent of an estate. It depends on the year, again, of death, it depends on the tax rates at death. These are very high taxes. Marries couples only get one exemption per couple unless they do some planning called bypass trust planning. If a married couple does a bypass trust and a will, a bypass trust and a living trust, and it's done correctly, then married couples get two exemptions from federal estate taxes, not just one. That can save the family, obviously, a lot of money. But you've got to do the planning. Married couples with simple wills, married couples with no will, get one federal estate exemption per couple. It's called a marriage penalty."
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