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Avraham "AY" Rappaport, CLTC
President, Financial Professional
Yaniv "Jay" Natanov
President, Financial Planner
Eli Rappaport
Vice President, Financial Planner
Shlomo Rosenstein
Financial Professional
Ozzie Marizan
Financial Planner
Joseph Greer
Employee Benefits Administrator
Dylan Pinsky
Client Relations Manager
Premier Financial
6395 Dobbin Road, Suite 102
Columbia, MD 21045
Phone: 240-309-6001
Email: dylan.pinsky@prudential.com
Website: premierfinancial1.com
If your estate is worth more than $12.06 million at your death—$24.12 for married couples—the federal government will want a piece of it. But did you know that several states also impose estate or inheritance taxes on your assets?
Inheritance tax is paid by the decedent’s heirs on inherited assets. The amount generally is based on the amount of the bequest and may depend on the heir’s relationship to the deceased. A surviving spouse is usually exempt from the tax, while the deceased’s children, distant relatives or unrelated heirs may be taxed by some states.
States that impose an inheritance tax are Iowa, Kentucky, Nebraska, New Jersey, and Pennsylvania.
While federal estate tax rates range from 18% to 40%, state estate and inheritance tax rates and threshold amounts vary from state to state.
Keep in mind, though, that you’ll no longer have access to the assets placed in the trust.
Your tax, estate, and financial professionals can discuss strategies to help minimize estate and inheritance taxes. By working together, you can create a sound financial strategy.
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Premier Financial is not affiliated with Prudential Financial. Premier Financial sells insurance products of Prudential Financial's affiliated insurance companies in addition to products of non-affiliated insurance companies. Premier Financial is authorized to sell and service certain insurance products of Prudential Financial companies as well as use this material. Premier Financial and its representatives do not give tax or legal advice. Please consult with your own advisors regarding your particular situation. Offering financial planning and investment advisory services and programs through Pruco Securities, LLC (Pruco), under the marketing name Prudential Financial Planning Services (PFPS), pursuant to a separate client agreement. Offering insurance and securities products and services as a registered representative of Pruco, and an agent of issuing insurance companies. 1-800-778-2255. Dylan Pinsky is employed by Eli Rappaport and not The Prudential Insurance Company of America or its subsidiaries.
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