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!