Introduction to Federal Gift and Estate Tax

In this episode, we explore the basic concepts surrounding Federal Gift and Estate Tax. These are two separate forms of tax under a unified structure of taxation. Both forms of tax are subject to a unified tax credit. It is true that the current unified credit exemption is so high that it effectively renders the majority of estates totally exempt from Federal Gift and Estate Tax. However, if one's total assets exceed the exemption amount, it is absolutely imperative to plan for this tax, as the current tax rate is 40%. We also cover some tax efficient gifting techniques that everyone should know. Link to Bio: https://longbrightbill.com/attorney-p... The content in this video is NOT legal advice and should not be relied upon in making any decision about your legal affairs. This video's content is not a substitute for individualized legal advice from an attorney in your state.