Estate Tax — Plan for Heirs
Estimate federal estate tax and what your heirs will receive. 2024 exemption: $13.61M.
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$13.61M exemption 2024 40% rate Marital deduction unlimited Portability
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Why: Estate tax affects only the wealthiest estates. Planning can minimize impact.
How: Enter gross estate, deductions, charitable gifts, marital deduction, and prior gifts.
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Sample Estates
Estate Details
Estate Tax: $316,000
Net to heirs: $14,084,000 | Effective rate: 2.2% | Exemption remaining: $13,610,000
Gross Estate
$15,000,000
Taxable
$14,400,000
Estate Tax
$316,000
Net to Heirs
$14,084,000
Estate Analysis
Estate Value
Tax Calculation
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Estimates only — not tax advice. Tax laws vary by jurisdiction. Consult a CPA or tax professional.
1. Key Takeaways
- • 2024 exemption: $13.61 million per person (portable to spouse)
- • Rate: 40% on amounts over exemption
- • Marital deduction: Unlimited — assets to spouse are tax-free
- • Most estates pay no federal estate tax — only ~0.1% are taxable
2. Did You Know?
Portability
Unused exemption transfers to surviving spouse
Charitable Gifts
Reduce taxable estate dollar-for-dollar
State Taxes
Some states have separate estate tax
Annual Exclusion
$18K (2024) per recipient, per year
Trusts
Can help with planning and control
Prior Gifts
Lifetime gifts reduce exemption
3. How It Works
Taxable Estate = Gross − Deductions − Charitable − Marital + Prior Gifts. Tax = 40% × (Taxable − Exemption). Net to Heirs = Net Estate − Estate Tax. Exemption is reduced by prior taxable gifts.
4. Expert Tips
Use marital deduction
Unlimited transfer to spouse defers tax
Charitable giving
Reduces estate and income tax
Annual gifting
Use exclusion to shift wealth tax-free
Trust planning
Consult estate attorney for complex situations
5. Comparison Table
| Estate Size | Tax (approx) | Net to Heirs |
|---|---|---|
| $15M | ~$560K | ~$14.4M |
| $25M | ~$4.6M | ~$20.4M |
| $50M | ~$14.6M | ~$35.4M |
6. FAQ
Only estates over ~$13.6M (2024). Most families pay nothing.
Surviving spouse can use deceased spouse's unused exemption.
Some states (e.g., NY, MA) have lower thresholds. Check your state.
7. Sources
- • IRS — Estate and Gift Tax
- • IRS — Form 706
8. Quick Stats
$13.61M
2024 exemption
40%
Top rate
0.1%
Estates taxed
Unlimited
Marital deduction
9. Disclaimer
Disclaimer: Estimates only. Consult an estate planning attorney. Not legal or tax advice.
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