What Type of Property Should Be Transferred to Heirs at a Decedent's

question 751

Essay

What type of property should be transferred to heirs at a decedent's death and why? Should estate planning also mean that some property is transferred prior to death? Why?

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Definitions:

Federal Income Tax

A tax levied by the federal government on the annual income of individuals, corporations, trusts, and other legal entities.

Payroll Tax Expense

Taxes imposed on employers and employees, calculated as a percentage of salaries paid.

FICA Taxes Payable

Amounts owed by employers and employees for Social Security and Medicare, based on the Federal Insurance Contributions Act.

State Unemployment Taxes

Taxes imposed on the employer by states that provide benefits to employees who lose their jobs.