What Happens To My Debts and Assets When I Die?
By Eddy Martinez
(Nationwide Funding Group)
An estate tax is defined as federal tax on the transfer of assets owned by the estate of a person who has died. Depending on how much you owe when you die , your estate may have to pay estate taxes before your assets can be full distributed. Estate taxes are different from and also in addition to probate expenses and final income taxes owed on income you recieve in the year you die. It is also important to note that they are also seperate from inheritance taxes that are collected from certain states. Federal estate taxes may be due on estates greater than $1,000,000.00. But there is no limitation on the amount of property that is left to a spouse. In California there is no inheritance tax. An inheritance tax is a tax levied by states on inherited property and paid by the person recievin...