California Estate Tax 2023

California Estate Tax 2023: What You Need to Know

Navigating the complex landscape of estate taxes can be a daunting task, especially for those who are grieving the loss of a loved one. In this article, we’ll break down the key aspects of the California estate tax in 2023, and how Hess-Verdon & Associates can provide the guidance and expertise you need during this challenging time. For personalized advice and support, call us at 1-888-318-4430.

by | May 22, 2023

Overview of California Estate Tax 2020

In 2023, California did not have a state-specific estate tax. However, it is crucial to understand the federal estate tax and how it may affect the transfer of assets after a loved one’s passing. The federal estate tax is a tax levied on the transfer of a person’s assets upon their death.

Federal Estate Tax vs. California Estate Tax

While California does not have a state-specific estate tax, the federal estate tax still applies to residents of California. The federal estate tax has a much higher exemption threshold, which can provide significant relief for many families. However, navigating the intricacies of the federal tax system can be complex, and it’s essential to have a knowledgeable legal team on your side.

California Estate Tax Exemptions and Thresholds

There are several exemptions and thresholds to be aware of when it comes to estate taxes in California.

Spousal Exemption

One significant exemption is the unlimited marital deduction, which allows spouses to transfer an unlimited amount of assets to one another without incurring any federal estate tax.

Unified Credit

Another critical exemption is the unified credit, which, in 2023, provided an exemption of $11.58 million for individuals and $23.16 million for married couples. This means that estates valued below these thresholds would not be subject to federal estate tax.

How Hess-Verdon & Associates Can Help

Navigating the complexities of estate taxes can be overwhelming, but you don’t have to do it alone. The experienced team at Hess-Verdon & Associates is here to help.

Estate Planning Expertise

With unparalleled estate planning expertise, Hess-Verdon & Associates has been serving trustees, beneficiaries, business entities, and real estate partners for over three decades.

Trust and Probate Litigation

Our dependability and sophistication in trust and probate litigation, combined with our commitment to delivering comprehensive, results-oriented legal counsel, make Hess-Verdon & Associates the ideal choice for handling your estate tax concerns. In summary, while California did not have a specific estate tax in 2023, understanding the federal estate tax and its implications is essential. With the support of Hess-Verdon & Associates, you can navigate the complexities of estate taxes with confidence. To discuss your unique circumstances and receive personalized advice, call us at 1-888-318-4430.

FAQs:

1. Did California have a state-specific estate tax in 2023?

No, California did not have a state-specific estate tax in 2020. However, the federal estate tax still applied to California residents.

2. What was the federal estate tax exemption threshold in 2023?

In 2023, the federal estate tax exemption threshold was $11.58 million for individuals and $23.16 million for married couples.

3. Is there an unlimited marital deduction for estate taxes in California?

Yes, there is an unlimited marital deduction that allows spouses to transfer an unlimited amount of assets to one another without incurring any federal estate tax.

4. How can Hess-Verdon & Associates help me with estate tax concerns?

Hess-Verdon & Associates has over three decades of experience in estate planning, trust and probate litigation, and can provide comprehensive, results-oriented legal counsel to help you navigate the complexities of estate taxes.

5. How can I get in touch with Hess-Verdon & Associates for help with estate tax concerns?

You can contact Hess-Verdon & Associates by calling 1-888-318-4430 to discuss your unique circumstances and receive personalized advice.

FAQ (click here)

FAQs:

1. Did California have a state-specific estate tax in 2023?

No, California did not have a state-specific estate tax in 2020. However, the federal estate tax still applied to California residents.

2. What was the federal estate tax exemption threshold in 2023?

In 2023, the federal estate tax exemption threshold was $11.58 million for individuals and $23.16 million for married couples.

3. Is there an unlimited marital deduction for estate taxes in California?

Yes, there is an unlimited marital deduction that allows spouses to transfer an unlimited amount of assets to one another without incurring any federal estate tax.

4. How can Hess-Verdon & Associates help me with estate tax concerns?

Hess-Verdon & Associates has over three decades of experience in estate planning, trust and probate litigation, and can provide comprehensive, results-oriented legal counsel to help you navigate the complexities of estate taxes.

5. How can I get in touch with Hess-Verdon & Associates for help with estate tax concerns?

You can contact Hess-Verdon & Associates by calling 1-888-318-4430 to discuss your unique circumstances and receive personalized advice.

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