Reply to If your parent recently died (estate planning)

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]A lawyer is familiar with federal and state tax law pertaining to inheritance and can help plan the estate to avoid losing 40% in taxes. A lawyer can also help put things in a trust in order to avoid probate.[/quote]

What percentage of families do you think are subject to estate taxes?  Brookings estimated it was 4000 people in 2023 FOR THE ENTIRE COUNTRY.

https://taxpolicycenter.org/briefing-book/how-many-people-pay-estate-tax

That's federal, yeah in some states you might get hit if you have less than $15 million, but the only state in the region with an estate tax is Maryland and that only starts at $5 million, and the marginal rates start at 0.8%.

The vast, vast majority of people do not have to worry about estate taxes.[/quote]

You forgot DC. Kicks in at $4,873,200. Considering if you bought a nonextravagant house in DC a while ago, you can easily get to $2 million on that alone, and then over $3 million or more in assets apart from your house, you can easily be subject to estate taxes.[/quote]

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