With apologies to Alice, and to Lewis Carroll: the Bandersnatch seems to be alive in 15 states who separately tax estates (and some also tax inheritances). The range of ravagement on a $5 million estate, which is exempt from Federal Tax, is a low of $64,400 (Hawaii) to a high of $425,000 (Oregon). T[...]
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To Gift or to Receive, that is the Tax Question
Much legend and myth surrounds gifting. For your planning, here are some high points and ideas: Firstly: Gifts and Inheritances are generally not income taxable. Any “gift tax” is generally the responsibility of the donor. Exception 1: Savings bonds with built-in gain – the gain is income [...]