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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16580
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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My wife and I have an estate of $8,000,000 .should we concerned

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My wife and I have an estate of $8,000,000 .should we concerned about estate taxes. We are 72 years old.

MyVirtualCPA : Thanks for asking your question! I'm sorry to hear about your tax issue and I'm going to try my best to help you understand or resolve it.
MyVirtualCPA : How are you today?
MyVirtualCPA : Your estate will be taxed at 35% at the amount above 5.2 million
MyVirtualCPA : but, the first $5.2 million is tax free
MyVirtualCPA : You could minimize your estate taxes through the use of irrevocable trusts, which operate for the benefit of you during your lifetime and your beneficiaries after your death
Customer: Do we get to add our exceptions together to total 10.5 million for last to die
MyVirtualCPA : No, it would be $5.2 for the first one to die, and there would be no estate tax at that time because assets transfer tax free from one spouse to the other. Then when the second spouse died, there would be the limitation of $5.2 million or whatever it is at the time of their death
MyVirtualCPA : I would recommend a consult with an estate attorney
Customer: Thanks
MyVirtualCPA : You're welcome
MyVirtualCPA : Is there anything else I can assist you with today?
Customer: No thank you
MyVirtualCPA : Okay if you would please rate my response as "excellent' so that I may receive credit for assisting you today
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