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The federal estate tax applies to the transfer of a deceased person's taxable estate. For 2024, the federal exemption is $13,610,000 per individual. Estates above this threshold are taxed at a flat 40% on the amount exceeding the exemption.
Review the inputs carefully and treat the output as an estimate. For decisions involving money, taxes, health, law, or security, compare the result with trusted professional guidance when needed.
Who pays estate tax?
The estate pays the tax before assets are distributed to heirs. Very few estates — roughly the top 0.1% — are large enough to owe federal estate tax.
What is the marital deduction?
Assets transferred to a surviving US citizen spouse are fully deductible for federal estate tax purposes, effectively deferring the tax until the second spouse passes.
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