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CookieEnabled t1_j3p2ig7 wrote

Reply to comment by ShellYonce in [OC] Every $ I spent in 2022 as a 26M living in Washington, DC by Coloncologne

So after I win that $1B MegaMillions (about $340M after 40% federal and state income tax of the cash option), I still have to pay estate tax?

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ShellYonce t1_j3p33k1 wrote

If you die with more than $12.29M in your estate then yes. Now there are some ways to get money out of your estate. You could put it in an irrevocable trust, but then you don’t have access to the funds (hence irrevocable) or you could give it all to charity. Prolly other things, but that’s above my pay grade.

OR Congress could increase the estate exemption amount, which lots of wealthier folks would support.

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