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Do you know these things about estate taxes?

When it comes to estate taxes, there are things you need to keep in the back of your mind. If you neglect to do so, you could make a mistake that harms you and/or your loved ones. As you create an estate plan, it's important to review estate tax requirements and how these will impact your family once you are gone.

For example, there is a federal estate tax system. Along with this, some states also impose estate tax.

Here is something else to know about estate taxes: There are things you can do while you are living to help prevent overpaying in the future. For instance, you can make annual lifetime gifts to family members.

It's important to learn as much as you can about your situation, but don't overlook this nugget of information: the law requires a final income tax return to be filed on behalf of the deceased. If this is your responsibility, don't overlook how important it is to comply.

It doesn't matter if you are creating an estate plan or in line to receive an inheritance, nothing changes the fact that you need to learn more about estate taxes. This information will help you make informed decisions that improve your financial situation, while also helping save your beneficiaries money in the future.

It is never simple to understand all the finer details of estate taxes, especially since this differs from state to state. Even so, there is no excuse for overlooking the importance. Once you take the time to clear the air, you will feel better.

Source: FindLaw, "Estate Taxes: 10 Things to Know," accessed May 16, 2016

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