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LSDefine

Simple English definitions for legal terms

estate tax threshold

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A quick definition of estate tax threshold:

The estate tax threshold is the amount of money that a person can leave behind after they pass away without having to pay estate taxes. This amount is currently set at $11,700,000 until 2026. If a person gives gifts before they pass away, it reduces the amount they can leave behind without paying taxes. The estate tax threshold is the same as the applicable exclusion amount, which is the limit on how much a person can give in their lifetime without incurring estate and gift taxes.

A more thorough explanation:

The estate tax threshold is the maximum amount of money that an individual can leave behind in their estate without incurring estate taxes. This threshold is also known as the applicable exclusion amount, which includes both gifts and estates. The current estate tax threshold is set at $11,700,000 until 2026.

For example, if a person's estate is worth $10,000,000 and they did not make any gifts during their lifetime, their estate would not be subject to estate taxes. However, if they made gifts totaling $2,000,000 during their lifetime, their applicable exclusion amount would be reduced to $9,700,000, and their estate would be subject to estate taxes on the remaining $300,000.

The estate tax threshold is important for individuals who want to plan their estates and minimize their tax liability. By staying within the applicable exclusion amount, individuals can ensure that their heirs receive the maximum amount of their estate without having to pay a significant amount in taxes.

estate tax | estates and trusts

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Dkk
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@tgm Yeah sounds good, say that if they ask
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Dkk
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Med law easy done
medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
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it doesn't hurt its just tingly
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It needs more alcohol. You tingle when your nerves need watering.
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try stretching it maybe to see what's up
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stretches make me think it's just soreness
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19:27
I'm sober lol
Dkk
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Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
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what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
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