What are state estate taxes and how do they work?
An example of an AI chatbot conversation about state estate taxes and their implications.
What are state estate taxes and how do they work?
State estate taxes are taxes imposed on the transfer of the estate of a deceased person. They vary by state.
How do I know if my estate is subject to these taxes?
Typically, if the value of your estate exceeds a certain threshold set by your state, it may be subject to estate taxes.
What are the current thresholds for estate taxes in California?
As of 2023, California does not have a state estate tax, but federal estate tax thresholds apply.
Can estate taxes be avoided or minimized?
Yes, there are strategies like gifting assets or setting up trusts that can help minimize estate taxes.
What happens if I don't pay the estate taxes?
Failure to pay estate taxes can result in penalties, interest, and potential legal action by the state.
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