Estimate your federal estate tax liability. The 2024 federal exemption is $13.61 million per person ($27.22M per couple). Plan ahead to minimize estate taxes.
Estate Details (2024)
Federal estate tax applies to estates over $13.61M
💰 Gross Estate Assets
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📉 Deductions & Exemptions
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Federal Estate Tax
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Taxable Estate
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Gross Estate
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Net Taxable Estate
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Federal Estate Tax
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Effective Rate
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Gross Estate
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Total Deductions
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Adjusted Gross Estate
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Federal Exemption (2024)
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Taxable Estate
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Federal Estate Tax (40%)
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Net to Heirs
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Effective Tax Rate
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ℹ️ The $13.61M exemption is set to revert to ~$7M (inflation-adjusted) after Dec 31, 2025 unless Congress acts. Consider gifting strategies before then.
FAQ
What is the 2024 estate tax exemption?
The federal estate tax exemption is $13.61 million per individual ($27.22M for married couples using portability). Only the taxable estate ABOVE the exemption is taxed at 40%. 99.9%+ of estates owe NO federal estate tax.
What is portability?
Portability allows a surviving spouse to use the deceased spouse's unused exemption. An estate tax return (Form 706) must be filed within 9 months of death to elect portability, even if no estate tax is owed.
What states have their own estate taxes?
12 states + DC have state estate taxes with lower exemptions: Oregon/Massachusetts ($1M), Washington ($2.2M), Illinois ($4M), New York ($6.94M). A few states also have inheritance taxes.
How can I minimize estate taxes?
Strategies include: annual gifting ($18,000/person/year exclusion in 2024), irrevocable life insurance trusts (ILITs), charitable giving, dynasty trusts, and taking advantage of the current high exemption before it may revert in 2026.