Family Office Definition: Estate Tax
Estate Tax definition: A tax placed on the value of a deceased person’s taxable estate before distributions are made. Assets transferred to spouses or charities are generally exempt from estate taxes. Other vehicles, such as trusts and retained life estate, are available to transfer ownership and reduce the value of the estate subject to taxes. Only a small percentage of estates pay taxes because the majority fall under the IRS standard estate tax exclusion amount. An estate tax form must be filed by the executor if the gross estate exceeds the standard exclusion amount.
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