"Will My Child's Inheritance Be Taxed?"
This question ways heavily on the minds of people in the process of planning their estates. As experienced probated administration attorneys , those of us here at the Law Offices of Phillips, McElyea, Carpenter, & Welch, P.C. are here to help. In this blog post, we will help clarify some of the questions you may have surrounding the taxation and expenses your heirs will be subject to. Estate/Inheritance Tax Let's start off with the good news! There are two types of taxation total estates can be subject to: estate tax and inheritance tax. Estate tax is levied against the total value of the estate and is paid before the estate is transferred to the heirs. Inheritance tax is applied to the assets actually given to the heirs and is paid by the heirs once the inheritance is in their possession. The good news is that estate tax is only levied on estates whose total value exceeds $5 million , and that the state of Missouri does not currently have an inheritance or estate ...