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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.
What's Below:
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 |
FAQs
- The law allows me to leave everything to my spouse tax free, right? How can we use that to our children's maximum advantage?
- I'm the owner of a business, and I understand that my estate would have to pay taxes on the value of the business if I don't do anything—but what can I do to lighten the tax load?
- What if I receive a bequest and don't want it?
- What about state death taxes?
- I'm not rich. Do I have to worry about federal estate taxes?
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