| Home | Free Articles for Your Site | Submit an Article | Advertise | Link to Us | Search | Contact Us | |
Custom Search
|
Article Surfing ArchiveInheritance Taxes Explained - Articles SurfingReduce inheritance taxes by giving gifts! The inheritance tax is the same thing as the estate tax in the United States, but with a different name depending on the country that you are talking about. The inheritance tax is a tax that is supposed to be levied on the richest people after they die, especially if they have a considerably large estate at that point in time. However, this is not always the case, and in fact, a lot of people find that they are being forced to pay an inheritance tax even though they do not have a particularly large estate. The reason for this is that housing costs continue to increase - and since your house is considered to be one of your assets, it is included in your estate. The inheritance tax is considered by some people to be a highly unfair tax due to the fact that the people who owned the estate had already paid their taxes before death. However, the inheritance tax is still in effect, and it can cost anywhere between forty and fifty percent of your estate over a certain maximum amount. Depending on where you are, that amount will change. Essentially, anybody who has more than that base amount in their estate will be charged 40-50% of any assets that they owned over that amount. One thing that you can do in order to reduce the amount of inheritance tax you end up paying is to check and see if there are any loopholes in the tax law that you can use to your own advantage. One thing that you should consider, for instance, is that some countries will allow you to give a large amount of money to a family member or survivor tax free. If there is anybody who you would like to have inherit a large monetary gift, then you should definitely consider doing this before you die. This might even reduce the total amount of your estate to the point where you will not have to pay any inheritance taxes at all. This also goes for gifts. It is possible to give gifts to as many people as you would like before you die, just so long as the total value of each gift does not exceed a certain amount. By planning ahead and making gifts, you should be able to reduce the amount of inheritance taxes that your estate will owe after your death.
RELATED SITES
Copyright © 1995 - Photius Coutsoukis (All Rights Reserved). |
ARTICLE CATEGORIES
Aging Arts and Crafts Auto and Trucks Automotive Business Business and Finance Cancer Survival Career Classifieds Computers and Internet Computers and Technology Cooking Culture Education Education #2 Entertainment Etiquette Family Finances Food and Drink Food and Drink B Gadgets and Gizmos Gardening Health Hobbies Home Improvement Home Management Humor Internet Jobs Kids and Teens Learning Languages Leadership Legal Legal B Marketing Marketing B Medical Business Medicines and Remedies Music and Movies Online Business Opinions Parenting Parenting B Pets Pets and Animals Poetry Politics Politics and Government Real Estate Recreation Recreation and Sports Science Self Help Self Improvement Short Stories Site Promotion Society Sports Travel and Leisure Travel Part B Web Development Wellness, Fitness and Diet World Affairs Writing Writing B |