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Page 18 of 21 |
When does the estate tax kick in? |
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| You owe no estate taxes in 2006 -- 2008 on the first $2 million (increases to $3.5 million in 2009). (The estate tax is repealed in 2010 and returns at the 2001 exemption level for deaths occurring in 2011 and thereafter.) For example, if you die with an estate of $2,200,000 in 2006, Uncle Sam will tax $200,000 at 46%. And one more thing: they must be paid in cash, generally 9 months after you have died. Tax is imposed, regardless of how you disperse your property or the relationship you have to the beneficiaries (except your spouse). |
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