What Your Death Duty Threshold Means?

The death duty threshold is always a calculation made in case you die and know what you own, but it’s not that easy to just google up a number. Many factors go into this calculation, as well as how your country sets the tax rates. If you are approaching or have passed the age of 80, your death duty threshold has most likely changed.

The death duty threshold is the age at which you no longer have to pay death duties, depending on your marital status and the number of heirs left in your estate. This is a change that affects those who were married before 1975, as the death duty threshold was increased from 60 to 80 years of age. You can have a peek here to know more about the death duty threshold.

If you are not married and do not have any heirs, then you still have to pay death duties at the old threshold of 60 years of age. People ignore their death duty threshold all the time because they don't realize it exists or they don't understand what it means. Ultimately, neglecting your death duty threshold could lead to estate taxes and other complications.

In the United States, when you die, your estate is responsible for taxes on everything from your property to your pension. These taxes can be a significant burden, and if you don't have an estate plan in place, you may find yourself facing large tax bills when you pass away.