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Handling of Assets (continued)
If a Federal Estate Tax Return is required, the estate process will take longer. Few estates require Federal Estate Tax Returns now. As of January 1, 2011, there is no Federal Estate Tax unless the decedent’s taxable estate is over $5 million. Proper planning for a couple can usually shield double the
exemption from Federal Estate Tax, $10 million. The top estate tax rate for a taxable estate over $5 million is 35%, for now. Note that Congress is continually reviewing the estate tax statutes and this exemption may change.
Usually, after an estate has been opened 5 months, partial
distribution to beneficiaries is possible. If the deceased has less than $50,000 in his or her own name, an abbreviated procedure is available which is less costly, takes much less time and does not require opening an estate.
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Next: Keeping the Family Together and Avoiding Family Conflict
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