- Introduction
- Basics of Estate Taxes
- Estate-Applicable Credit Amount
- Gift Tax
- State Death Taxes and Gift Tax
- How Life Insurance Is Included in Your Estate
There is an old expression that says, "You can't take it with you." One of the reasons that expression is true has to do with your federal and state governments. If you are lucky enough to have a large estate, one of the biggest transfers at your death may be to the tax collector. You can discuss ways to reduce these taxes with a qualified estate planner. This may include use of trusts as well as conveying or gifting certain assets.
As important as it is to reduce taxes, these strategies should never come before having your assets go to satisfy your other desires. It is all right if you want to set up your estate in such a way that results in paying more tax than you might otherwise have to, yet allow you and your spouse complete control of your assets or to benefit someone in particular. No matter what anyone tells you, it is your money.
- ARE NOT A DEPOSIT
- ARE NOT FDIC-INSURED
- ARE NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
- ARE NOT GUARANTEED BY THE BANK
- MAY GO DOWN IN VALUE
Important information about procedures for opening a new account
To help the government fight the funding of Terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account.
What this means to you: When you open an account, we will ask you for your name, address, date of birth and other information that will allow us to identify you. We may also ask to see your driver's license or other identifying documents.
Investment products are offered through Osaic Institutions, Inc., Member FINRA/SIPC. Insurance products offered through Osaic Institutions, Inc.
