Broker Check

Leveraging Whole Life to Pass on Wealth

April 28, 2023

When it comes to your financial legacy, it's not how much you leave behind, but how much your loved ones receive.

Like it or not, you have to pay tax on your right to transfer property when you die. If the value of your estate is below the exemption threshold --currently $12.06 million, though this amount can vary by state-- then you're not required to file a federal estate tax return. if it's higher, you may have to fulfill filing requirements and pay a 40% estate tax on every dollar in excess of the exemption amount.* It's probably worth mentionin: In 2026, the basis exclusion amount (BEA) is due to revert to it's pre-2018 level of $5 million, as adjusted for inflation.

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