Sometimes known as death tax. Varies by state and should be discussed with your tax advisor. From a federal perspective each individual will have estate tax due if their estate value exceeds the following:
Filing Threshold for Year of Death
Source: https://www.irs.gov/businesses/small-businesses-self-employed/estate-tax
The exemption can be greater for married couples estates as each individual is eligible for the amounts stated.
$18,000 in 2024, per individual
If you give above the annual exclusion amount there may be tax due; but this would only be in the case of exceedingly large gifts. In most cases there isn’t tax due as the gift would need to be greater than the lifetime estate tax exclusion. As in all cases your tax advisor should be consulted for specific advice concerning your tax situation.
The amount of capital you need for retirement and to have enough for the remainder of your life.
The amount of capital/savings in excess of core capital.
