The federal estate tax might get most of the political headlines, but the truth is that it affects a relatively very small number of Americans. Of far more concern for most Americans is how the federal capital gains tax will impact their estates.
If you listen to enough politicians speak, you might come away with the impression that the biggest concern for American estates is the federal estate tax. This might lead you to believe that if your estate is smaller than the $5.45 million individual exemption, then you do not need to worry too much about how taxes will affect your estate.
However, there is a silent estate killer out there.
It is the federal capital gains tax, which can be as high as 33% and can have a devastating impact on estates that do not plan for it.
Recently, Market Watch offered some estate planning tips about the capital gains tax in “5 ways to protect your estate from capital gains taxes.”
The tips include:
To learn more about these tips for dealing with the capital gains tax visit with an estate planning attorney.
Reference: Market Watch (Dec. 25, 2015) “5 ways to protect your estate from capital gains taxes.”
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