Let's talk about the estate (death) tax for a moment

One of the most oft-asked questions of me as a tax professional is: "I just inherited a bunch of money from old uncle Albert, how much do I owe?" When I answer, "Well, probably nothing," they're shocked!

The truth is that on the FEDERAL level, there is only the ESTATE tax (which hits very few people). That is paid, if at all, by the estate you get the inheritance from. Some states have an inheritance tax (check here for your state).

So, inherit away!

Owen S. Arnoff, Enrolled Agent
Admitted to Practice Before the Internal Revenue Service
http://www.betterbusinessventures.com
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