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Life in the USA Personal Finance Taxes
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Estate and Gift Taxes
Estate and gift taxes deal with the transfer of property, either while you are alive or upon your death. Both federal and state taxes apply, with great differences among the states in how your estate (the property you leave when you die) is taxed. If you are a high income person, you should consult an attorney who knows about estate and gift matters. The attorney will help you plan your affairs so as to minimize tax when you die. Don't put this kind of planning off if you are wealthy or if you own property. You might not be planning to die, but sooner or later you will. Because of inflation, you might be worth more than you think and unknowingly cause your family tax difficulty when and if you die.
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