Estate TAx

Caycee Miessler

What is it?

An estate tax is what the federal government take out of the money/ assets that you own. It is also known as the death tax because persons who inheret large amounts of money get taxed. Money up to a certain amount is exempt, and anything above that is taxed to a percentage. If a couple owns the assets together, then the amount exempt will be doubled.

Where does it go?

The money goes to the federal govenment, and what ever is left over, the person who the money belongs to gets the rest. Wisconsin has no estate tax until a sum of $5,000,000 or more is reached.