We are receiving a share of a huge inheritance. He was worth approx 8 million.
He had most assets set up in a trust. We are trying to figure out what will be left after fed and state estate taxes. We already know about the 2 mil federal exclusion, so he will be taxed 45% on 6 mil. (As if they didn't get enough taxes as he was earning the money!)
The estate is being taxed in Wisconsin.
The state tax is harder to figure out. In Wisconsin, the estate tax kicks in after the first $675,000, so he will be taxed a certain percentage on 8 mil minus 675k = 7.325 mil taxable. I've searched all over the internet and I can't find out what percentage will be used to tax the 7.325 mil for Wisconsin. Is there a set rate? If so, I haven't found it. Or is there some more complicated rule? We have a trustee handling everyhting, but we are just trying to crunch the numbers to determine our own share.
Any help would be appreciated. Thanks