What are the estate taxes?

In Wisconsin, estate taxes are imposed on the estate of a deceased individual. Estate taxes are taxes imposed by the state on the transfer of assets or property from one person to another. Estate tax is based on the value of the estate that is transferred. The estate tax rate in Wisconsin is based on the amount of the estate that is being transferred. The rate ranges from 5.84%, for estates which are less than $1 million, to 7.65%, for estates which are more than $5 million. In addition to the estate tax, Wisconsin also imposes an inheritance tax. The amount of the inheritance tax is based on the relationship of the deceased to the person who is receiving property from the estate. Generally, the rate for spouses is 0%, while more distant relatives such as cousins and nieces or nephews are taxed at a rate of 13%. There are some trusts and other financial instruments that are exempt from estate and inheritance taxes in Wisconsin. Additionally, the federal government allows an exemption of up to $5.6 million for individuals and $11.2 million for couples in order to exclude some of the estate from taxation. Overall, estate and inheritance taxes can be complex and can vary based on the state and the circumstances of the deceased. It is important to consult an experienced attorney or accountant who can help navigate the tax laws of the state in order to ensure that the estate is properly handled and taxes are paid correctly.

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