Estimating Estate Tax Liability

As the old saying goes, you can't cheat death or taxes. In fact, you might still owe taxes after you die! One of these taxes is the federal estate tax. Generally, this is a tax that may be imposed on property you own at your death.

Any U.S. citizen who leaves an estate (plus adjusted taxable gifts) in excess of the estate and gift tax basic exclusion amount ($11,400,000 in 2019, $11,180,000 in 2018) may be subject to estate tax.

Estimating and planning for the estate tax may be important to you because this could be one of the largest expenses your estate may have to pay. It also means that a significant part of your estate may go to the government and not to your beneficiaries.

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