When many people think about an estate plan they often think of the taxes involved. The federal estate tax is often first on their list of things they think they or their heirs are going to have to pay for. There are a few things about the federal estate tax that may be interesting for Kent area residents.
First, it is a rather large amount that a person can leave to their heirs before they are hit with an estate tax. In 2015 the amount was $5,430,000 per person. The assets that are included toward this exemption include bank accounts, brokerage accounts, property and personal property. If an estate has more than this exemption one option to reduce their estate is gifting money to family members. A person and their spouse are allowed to give gifts of up to $14,000 for each person each year.