How Much Are Estate Taxes?
Just how much are estate taxes these days? The answer is that, for the vast majority of people, they are no longer an issue.
The Tax Cuts and Jobs Act of 2017 increased the size of estates that are exempt from taxation to $11.4 Million (for 2019). That means a person may leave up to $11.4 Million of property and possessions to heirs without any taxes being due.
For those rarified few whose net worth exceeds that amount, the excess will be taxed at a 40% rate.
One should also bear in mind that the exemption applies to each person. That means that a married couple can each leave $11.4 Million to heirs without estate taxes being imposed.
But, again, for the vast majority of Americans, there will not be any estate taxes due at death.