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Federal Estate Tax And Gift Tax

The federal government will tax you or your estate if the monetary value is more than the applicable exclusion and exemption amounts for gifts or estate assets in excess of the exemption amount for the year of death.

Although certain studies have shown that only that only 2% of all estates are subject to federal estate taxes, it is in your best interest to determine if you are in that category since the tax rates are substantial.

It is to be noted that Congress is currently considering the enactment of new federal estate tax laws, and this situation should be given due deference.