How do I calculate estate taxes?

In Wisconsin, estate taxes are calculated based on the total value of the estate and the relationship between the decedent (the person who died) and the beneficiary (the person who receives the property). The total value of an estate is determined by subtracting any debts or expenses from the total of the assets. The Wisconsin Department of Revenue uses a three-tier tax system for estate taxes. For estates valued at up to $2 million, beneficiaries who are not related to the decedent are subject to a flat rate of 10 percent. For estates valued between $2 million and $5 million, beneficiaries who are not related to the decedent are subject to a flat rate of 15 percent. For estates valued over $5 million, the tax rate is calculated based on the relationship between the decedent and the beneficiary. The relationship between the decedent and the beneficiary is divided into three categories: lineal descendants, non-lineal descendants, and non-relatives. Lineal descendants are direct relatives, such as children and grandchildren, while non-lineal descendants are related to the decedent but not direct relatives, such as siblings and aunts. Non-relatives are those who are not related to the decedent. The tax rate for lineal descendants is 10 percent on estates valued up to $500,000 and 15 percent on estates valued from $500,001 to $5 million. For non-lineal descendants, the rate is 10 percent on estates valued up to $500,000 and 18 percent on estates valued from $500,001 to $5 million. For non-relatives, the rate is 10 percent on estates valued up to $500,000 and 20 percent on estates valued from $500,001 to $5 million. If the estate is valued over $5 million, the rate is 10 percent on the value up to $5 million and then calculated based on the specific relationship between the decedent and the beneficiary.

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How do I calculate estate taxes?

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