Do estate taxes apply to me and what do I need to know about them?
Estate taxes don’t apply to most families. California does not have an estate tax.
We’ve all heard about the death tax, and very prominently when George W. Bush and even Obama was in the White House. The death tax is currently at over $5 million as of August of 2017. Most families aren’t anywhere near that and so it doesn’t apply to them.
If there is an estate tax issue, meaning the estate is worth between $5 and $10 million or more, there are things we can do to help. It involves advanced tax planning with CPAs and financial advisors, and it gets more expensive.
Most people do not need to worry about this.