When the death of an individual results in property or belongings being passed on to another individual or entity, estate taxes can be levied upon those assets. Because the laws dealing with estate taxes change so frequently, the amount of taxes levied can vary greatly depending on the year of death. For example, some years require the estate to be valued at no more than 1 million dollars in order to be exempt from estate taxes. In other years, the number runs at 3.5 million dollars. There are also a number of other guidelines in place that determine who can be taxed, when they can be taxed and how.
Legal Obligations Of The Estate