Video: Do I Need To Worry About Estate Tax?
Updated: Sep 9
by Peter J. McFarland, J.D., LL.M
As a tax and estate planning attorney with years of experience, a really common question that I get asked is whether estate tax is something to worry about.
In Colorado, where I’m licensed, there is no state estate tax. So we don’t need any special planning or structuring from a state perspective.
On the federal level, as of 2020, every individual can exclude $11.58 million from their estate before their estate becomes taxable. As a result, married couples can transfer upward of 22 million dollars without worrying about estate tax. The simple truth for many of us is that estate tax just isn’t something that we’re going to have to worry about.
That said, it is unwise to ignore estate planning, as a whole. Even though tax may not be a concern, you will enjoy greater certainty, if you have a solid estate plan in place that clearly lays out whom you wish to receive your property, at what age that should happen, and to look for larger opportunities, such as charitable giving.
To set up or revise your estate plan, or to schedule a consultation to get your questions answered, please contact us at firstname.lastname@example.org. I’d love to help guide you through the details and make the best choice for your unique situation and peace of mind. Thanks so much for joining me!