There is an estate tax on the federal level that is poised to consume a significant portion of your legacy if you do not take preventative actions, but there are some exemptions. This year the first $5.12 million that you pass along is exempt. However, next year this figure goes down to $1 million. A common tax exemption question arises about bequests that you leave to your spouse. If you bequeath resources to your husband or wife will these assets be subject to the federal estate tax? The … [Read more...] about Is Inheritance Received From Spouse Taxable?
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