What are wealth transfer taxes?

Video Transcription:

Wealth transfer taxes, that’s a term for a general group of taxes, and as you well know, we’re taxed with income tax, with real estate tax, with sales tax when you go to the store and buy something, but there’s a whole nother group of taxes that are called wealth transfer taxes. They include estate tax, when you die and you pass assets to loved ones, gift tax during your lifetime, when you gift something to your loved ones during your life, generation skipping tax, when you gift assets either during your life or upon death down to a generation that’s two generations below your generation, and all three of those taxes are federal wealth transfer taxes. And then there’s state inheritance tax. In the state of Florida, along with our fantastic weather, we don’t have any inheritance tax.