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Estate Taxes in Gulfport, Mississippi

When a person dies, an estate tax is then placed on their property when it is transferred to their loved ones. Depending on the laws within the state, the property may be faced with two types of estate taxes: federal and state. Fortunately there are no state taxes that are placed on the property of a decedent in Mississippi. If you are trying to decide whether a federal estate tax is involved or you are interested in avoiding these heavy estate taxes, you can discuss your legal matters with an estate planning lawyer from PMTK immediately.

When is a federal estate tax placed on a person's property?

Unlike state taxes that vary by state, the federal estate tax is the same in every state. The federal estate tax alters each year and is placed on the gross value of an estate that exceeds the exemption amount. As of 2013, if the gross value of an estate is valued above $5,250,000, it will be faced with a 40% federal estate tax. Anything valued below the exemption amount of $5.25 million in Mississippi is not faced with a state or federal estate tax. If you believe that the gross value of your estate exceeds the exemption amount, you can speak with a Harrison County probate attorney about setting up an appropriate trust for your estate.

Learn more about estate taxes with a Harrison County probate attorney!

At PMTK, we can address your concerns regarding estate taxes in Mississippi. Having exceptional representation on your side can make all the difference in passing down as much of your estate as possible while minimizing the taxes involved. No matter what the case may be, our Harrison County law firm can help.

Do not hesitate to call PMTK to learn more about protecting your assets as well as estate taxes!

Perry, Murr, Teel & Koenenn - Gulfport Probate Attorney
Located at 625 16th St, Gulfport, MS 39507
Phone: (228) 896-0020
Website:
Probate.com

The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt or viewing does not constitute, an attorney-client relationship.

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