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Planning for Federal and State Estate Taxes

planning-for-federal-and-state-Estate-taxes

Proper execution begins with effective planning, and for individuals who wish to begin the planning process, we provide the solution to help you begin planning your estate.

Estate taxes remain but we are here to help your family access all of the necessary documents.

One important element to keep in mind is estate taxes, especially in Illinois, taxes are not a straight percentage of your estate value. Rather, estate tax rates are established in a graduated system. Given the value of a taxable estate, there are base taxes paid that start at $0 for an estate value within $40,000 or as high as $1,082,800 for an estate value of at least $10.04 million. After the base taxes are computed, the marginal rate is applied.

Another tax due is the deceaseds right to award their estate to their heir/s is the federal estate tax. This offers a higher exemption of $12.06 million in 2022. With the appropriate legal steps, married couples can protect their estate up to $24.12 million.

Estate planning can get a little complicated, but choose Life Snapshot to store your estate planning documents. We are a US based company located in Chicago, Illinois.

Life Snapshot®, Inc. offers a reliable document storage solution.

Visit our website www.lifesnapshot.com to get started today.

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