What is an inheritance tax?
There are a number of different taxes to consider when planning and administering an estate. Technically, an inheritance tax can be defined as a tax on receiving money. In the United States, and specifically here in Wisconsin, we don't have an inheritance tax for money received. On the other hand, you'll find several other types of taxes to worry about:
- Ordinary Income Tax
- Capital Gains Tax
- Gift Tax
- Estate Tax
- Property Tax
With appropriate tax planning, you can minimize all of these taxes to ensure that you pass as much value on to your loved ones as possible. And, even if it's time for administration, there are still options that a talented attorney can help you take advantage of to make sure everyone gets the most from an estate.
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