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An estate tax is paid by the executor or other person responsible for administering the estate for the deceased. In the United States, estate taxation is based on the overall value of the estate. For 2005, an estate with a value less than $1.5 million is not required to pay an estate tax. For estates larger than the current exempted amount, any estate tax must be paid based on a percentage of the total estate’s worth.

It is natural for individuals preparing their wills to be concerned about estate taxes. The imposing nature of these obligations ultimately results in fewer assets provided to loved ones and more going to the government. In some extreme cases, estate taxes can accumulate to greater than 50 percent of the total estate, with both federal and local governments sometimes taking part in the process. Fortunately, with careful planning one can ensure that estate taxes affect their heirs as minimally as possible.

You’ve spent a lifetime providing for the future of yourself and your family. By contacting experienced estate attorneys you can ensure that your estate will continue providing for your loved ones in years to come. Our team of professionals can help you understand different regulations and work around them to carry out your desires as closely as possible. Speak with one of our lawyers today to provide those you care about with a brighter tomorrow.