Estate and Gift Tax FAQ
Most estates don't owe tax, but it pays to be informed. Here's an easy introduction to estate and gift tax laws.
» Will my estate have to pay federal tax after I die?
What are the rates for federal estate taxes?
Are there ways to avoid federal estate taxes?
Can't I just give all my property away before I die and avoid estate taxes?
Do some states impose estate taxes?
Can I avoid paying state estate or inheritance taxes?
Will my estate have to pay federal tax after I die?
Most estates -- at least 99% -- don't. The federal government imposes estate tax at your death only if your property is worth more than a certain amount, which depends on the year of death. But all property left to a spouse is exempt from the tax, as long as the spouse is a U.S. citizen. Estate tax is also not assessed on any property you leave to a tax-exempt charity.
| Year of Death |
Exempt Amount |
|
|
|
2006, 2007 or 2008
|
$2 million
|
|
2009
|
$3.5 million
|
|
2010
|
No estate tax
|
|
2011
|
$1 million unless Congress extends repeal
|
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