Estate Tax Calculator
Calculate potential estate tax liability
Results
Federal Exemption
$13.6M
Basic exemption amount
Taxable Estate
$0.00M
After exemptions
Federal Estate Tax
$0.00M
Federal tax liability
State Estate Tax
$0.00M
State tax liability
Total Tax
$0.00M
Effective Rate: 0.00%
Understanding Estate Tax
What is Estate Tax?
Estate tax is a tax on the transfer of property after death. The tax applies to the fair market value of all assets owned at death, including cash, real estate, stocks, business interests, and life insurance proceeds.
Federal Estate Tax Exemption
- 2024 exemption: $13.61 million per individual
- Married couples can combine exemptions
- Portability allows surviving spouse to use deceased spouse's unused exemption
- Annual adjustments for inflation
What's Included in Your Estate?
- Real estate and personal property
- Financial accounts and investments
- Business interests and assets
- Life insurance proceeds (if owned by deceased)
- Retirement accounts and pensions
- Certain gifts made within 3 years of death
Estate Planning Tools
Planning Tool | Benefits | Tax Benefits |
---|---|---|
Revocable Living Trust | Avoids probate, maintains privacy | No immediate tax benefits, but helps with estate management |
Irrevocable Life Insurance Trust | Removes life insurance from estate | Proceeds not subject to estate tax |
Qualified Personal Residence Trust | Transfers residence to beneficiaries | Reduces gift tax value of residence transfer |
Grantor Retained Annuity Trust | Transfers appreciation to beneficiaries | Minimizes gift tax on transfers |
Family Limited Partnership | Asset protection and control | Enables discounted valuations for transfers |
Gift Tax Considerations
Annual Gift Tax Exclusion
- 2024 annual exclusion: $17,000 per recipient
- Spouses can combine for $34,000 per recipient
- Unlimited gifts to spouse (if U.S. citizen)
- Direct payments for medical/education exempt
Lifetime Gift Tax Exemption
- Shares exemption with estate tax
- Reduces available estate tax exemption
- Gifts above annual exclusion use exemption
- Gift tax return required for larger gifts
Estate Tax Reduction Strategies
Lifetime Giving Strategies
- Annual exclusion gifts
- Direct payment of medical/education expenses
- Charitable giving
- Family limited partnerships
- Qualified personal residence trusts
Life Insurance Planning
- Irrevocable life insurance trusts
- Policy ownership structure
- Beneficiary designations
- Premium funding strategies
Estate Planning Tips
Essential Documents
- Last will and testament
- Living trust
- Power of attorney
- Healthcare directive
Regular Review
- Update beneficiaries
- Review asset titles
- Check tax law changes
- Adjust for life events