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Your new clients, Mr. and Mrs. Smith, have requested a meeting to discuss the US Estate...

Your new clients, Mr. and Mrs. Smith, have requested a meeting to discuss the US Estate Tax and related tax and financial planning. Prepare a high level outline of discussion points for your meeting.
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Answer #1

What is a Estate Tax?:

Estate Tax is a Tax on the Transfer of estate of Deceased Person

Points to be kept in mind for discussion with clients:

  • Percentage of Current estate tax
  • Difference between Estate and Inheritance Tax
  • Correct ways of reducing Estate Taxes like Spending assets, Giving away assets to Qualifying charity and moving to more Tax free environment like relocation
  • Assets Excluded from state estate Tax
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