When Is an Estate Taxable, and Why Does it Matter for Nonprofits?
We’ve had people look us square in the eye and insist that their estate is not taxable. While many estates don’t hit the threshold for federal estate tax, states’ tax rates are all over the board–and individual assets may be taxable even if the overall estate won’t automatically incur tax. Clear as mud? Here we’ll share the ins and outs of when–and how–estates incur tax, and why this question is an important one for nonprofits and donors alike.