What is the impact of estate tax on inheritance?
An example of an AI chatbot conversation about estate tax implications on inheritance.
What is the impact of estate tax on inheritance?
The estate tax can significantly reduce the amount inherited by beneficiaries, depending on the estate's value.
How is the estate tax calculated?
The estate tax is calculated based on the total value of the deceased's assets, minus any deductions and exemptions.
Are there any exemptions for estate tax?
Yes, there are exemptions, such as the federal estate tax exemption, which allows a certain amount to be passed tax-free.
What strategies can be used to minimize estate tax?
Strategies include gifting assets during your lifetime, setting up trusts, and making use of deductions and exemptions.
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