I came across this and did a little research ... What the fuck is the world coming to these days. So I work all my life and pay taxes on every penny earned ... You mean to tell me when I die 55% of what I leave my loved ones will be taxed? Again? ... Any thoughts on this?
Why You Shouldn't Die in 2013 - Yahoo! Finance
Estate Tax
The Tax Rate
When someone passes away, the IRS imposes a tax on the value of his or her assets that he or she planned to transfer to another person or organization. This tax is called the estate tax. Today, the estate tax rate is 35%. This may seem high to some, but after we go over the fiscal cliff, that rate will jump 20 percentage points to 55%.
That's not all. Under current law, taxpayers can exempt up to $5 million of their assets from the estate tax upon their death. The post-fiscal-cliff exemption will fall to $1 million. This may still seem like a reasonable cushion for most Americans, but these exemptions are lifetime exemptions. This means that all estate assets transferred to somebody else over a person's lifetime count towards the maximum.
Why You Shouldn't Die in 2013 - Yahoo! Finance
Estate Tax
The Tax Rate
When someone passes away, the IRS imposes a tax on the value of his or her assets that he or she planned to transfer to another person or organization. This tax is called the estate tax. Today, the estate tax rate is 35%. This may seem high to some, but after we go over the fiscal cliff, that rate will jump 20 percentage points to 55%.
That's not all. Under current law, taxpayers can exempt up to $5 million of their assets from the estate tax upon their death. The post-fiscal-cliff exemption will fall to $1 million. This may still seem like a reasonable cushion for most Americans, but these exemptions are lifetime exemptions. This means that all estate assets transferred to somebody else over a person's lifetime count towards the maximum.
