Estate Tax Abatement

Estate tax abatement refers to reductions or exemptions applied to the estate tax owed upon the transfer of a person's assets after death. It effectively lowers the taxable value of the estate, often through thresholds, deductions, or exemptions set by law. These abatements are designed to prevent overly burdensome taxes on heirs and to promote fair estate transfer, ensuring that smaller estates or certain types of assets are taxed less or not at all. Essentially, estate tax abatement helps to minimize the financial impact of estate taxes, making estate transfer more manageable for beneficiaries.