What are estate tax exemptions?
An example of an AI chatbot conversation about estate tax exemptions and their implications.
What are estate tax exemptions?
Estate tax exemptions are amounts that can be excluded from the taxable estate, reducing the overall tax liability.
How much is the federal estate tax exemption for 2023?
For 2023, the federal estate tax exemption is $12.92 million per individual.
Are there any state estate tax exemptions I should know about?
Yes, many states have their own estate tax exemptions, which can vary significantly. It's important to check your state's regulations.
What happens if my estate exceeds the exemption limit?
If your estate exceeds the exemption limit, the excess amount may be subject to federal estate tax, which can be as high as 40%.
Can I gift assets to avoid estate taxes?
Yes, gifting assets can help reduce your taxable estate, but there are annual gift tax exclusions and limits to consider.
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