Gerald Lee Tahajian, Attorney at Law Wills, Trusts, Taxation & Probate

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Federal Taxation Overview Regarding the tax liability of your estate, your survivors can be taxed not at all, somewhat.. or a lot, depending on how much your estate is worth.   If the estate is worth $1,000,000 or less no federal taxes will be assessed. At this level probate fees can be considerable. However, our firm can set up a trust to eliminate even these fees.   If the estate is worth more than $1,000,000 but less than $2,000,000 you're going to be assessed federal tax. However, if you are married we can set up a wealth retention plan which can significantly reduce or even eliminate your tax and probate burden.   If the estate is worth $2,000,000 or more then you will be assessed -- and will have to pay -- federal tax on the estate. Here again our firm can set up a wealth retention plan designed to minimize your survivors' tax and probate liability.