The federal estate tax is a tax on transferring assets after death. The personal representative establishes a fair market value for the deceased's assets on the date of death. This is the gross estate estimation.
From the gross estate estimation the personal representative applies all applicable estate tax credits. Then all allowable estate tax deductions are subtracted. This gives the personal representative the value of the net estate.
In 2012 if the value of the net estate does not exceed 5,120,000 then the estate will pass to the heirs free from federal estate taxes.
Under the provisions of tax relief , unemployment insurance reauthorization, and job creation act of 2010 the 5,120,000 estate tax exemption is scheduled to be in effect until December 31, 2012.
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Simply call 608-432-4286 to schedule an in home interview. Or email seniorcare@homecarepath.com Valuing home and human life.
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