How much is Inheritance Tax?
Indiana inheritance tax was eliminated as of January 1, 2013. As a result, Indiana residents will not owe any Indiana state tax after this date with respect to transfers of property and assets at death.
If property is owned in other states, there is the possibility that such property may be subject to the estate tax of the other state. To learn more about how to protect property from state estate taxation, and whether property owned outside of Indiana may be subject to a state estate tax, please call us.
Federal Estate Taxation
The federal estate tax exemption has fluctuated significantly over the past decade. Currently, no federal estate tax is due on the transfer upon death between spouses.
Up to 35% Federal Estate Tax does exist on the total of all transfers upon death of approximately $5 million for an individual or approximately $10 million for a couple.
Effective estate planning can help to minimize, and in some cases eliminate, federal taxes that may otherwise be due. If you have a large estate and are interested in making sure as much of your assets as possible are transferred to your beneficiaries (rather than the federal government), please call us so that we help you take advantage of effective tax planning possibilities.