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 ToolBenefitsTax Benefits
Revocable Living TrustAvoids probate, maintains privacyNo immediate tax benefits, but helps with estate management
Irrevocable Life Insurance TrustRemoves life insurance from estateProceeds not subject to estate tax
Qualified Personal Residence TrustTransfers residence to beneficiariesReduces gift tax value of residence transfer
Grantor Retained Annuity TrustTransfers appreciation to beneficiariesMinimizes gift tax on transfers
Family Limited PartnershipAsset protection and controlEnables 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