Do You Have to Pay Estate Taxes in Marana? What You Should Know
When it comes to estate planning in Marana, AZ, one question that often comes up is whether or not estate taxes need to be paid. Estate taxes are taxes imposed on the transfer of property upon someone’s death, and they can vary depending on the value of the estate and the location.
In Marana, estate taxes are not collected at the state level. However, it is important to note that federal estate taxes may still apply if the value of the estate exceeds a certain threshold. As of 2021, the federal estate tax exemption is $11.7 million for an individual and $23.4 million for a married couple. If the value of the estate exceeds these amounts, federal estate taxes may be owed.
It is important to work with a knowledgeable real estate agent and estate planning attorney to understand the tax implications of your estate and to create a plan that minimizes tax liability for your beneficiaries. By carefully planning your estate, you can ensure that your loved ones are not burdened by unnecessary taxes.
If you have any questions about estate taxes or are in need of assistance with estate planning in Marana, AZ, please don’t hesitate to reach out to me, Ryan Comstock, your experienced real estate agent. I am here to help you navigate the complexities of estate planning and ensure that your assets are protected for future generations.
Contact me today to schedule a consultation and take the first step towards securing your family’s financial future. Let’s work together to create a plan that gives you peace of mind and protects your legacy.