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People ask when they inherit money, do I owe taxes upon inheriting something? Actually, the answer is always no. You never as the person who's inheriting the property owe any money. The estate may owe chunk of money and that will depend on whether or not an estate tax was applicable. That's for very high net worth estates. The taxes are always determined based on the year of the decedent's death. And you also have to look at the state estate taxes as well. Every state has its own death taxes. Some of them don't have any at all. So depending on where the person lived and passed away may or may not be a state estate tax, but you as the person inheriting the wealth are never responsible for the estate taxes. It's the estate that owes it. But of course, before it can pass to you, it has to pass that tax threshold. On the federal level, there's a huge exemption in 2026, $15 million per person, $30 million for a married couple. So if whomever you were inheriting from did not have wealth that would pass those thresholds, you're going to get that money tax free. So this is completely accurate, but it may not feel accurate, right? When you are inheriting, so maybe you know that your parents have a $50 million business and you receive it and it is over the exemption, which is 15 million per person, so 30 million. So we're over the threshold. You may think you're about to get something worth $50 million. The problem is the estate, like she said, is going to owe estate tax on it. So now you are going to inherit less. So economically, it really is as if you're paying it, assuming that you're getting the asset. Now, that is why so many rich people have trusts. Right. So a lot of people hear that rich people have trusts and they've got stynastic trust and that type of trust. And they think it's for income tax, but it's not. It's basically exclusively almost always for a state tax. It comes a very big problem if you have a large enough estate. And so on the federal level, it is a very high threshold. It's that 15 million per person for a married couple. But for states, it's much lower. And so if you are in a state with an estate tax, that could be something as low as a million bucks. And so then you want to plan around that. And usually very often it is with trust and for actual tax off from a tax attorney subscribe.

People ask when they inherit money, do I owe taxes upon inheriting something? Actually, the answer is always no. You never as the person who's inheriting the p…