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How To Prepare To Write A Will

What To Do If Your Estate Is Larger Than The Estate Tax Exemption.

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Assets you leave to a spouse are not subject to estate tax.

Otherwise, there is a minimum required before there is a federal estate tax. The amount tends to vary from year to year. To learn the amount for the current year, go to www.IRS.gov offsite link. Search on "estate tax."  Keep in mind that even if your estate is smaller than the federal exemption, it may still be subject to a state estate tax. To find out if your estate is subject to tax, speak with your accountant, financial planner or tax attorney.

If your estate is subject to estate tax:

  • Speak with a financial planner or tax attorney to see if you can reduce or eliminate the tax.
  • Consider how the tax will be paid. Particularly if significant portions of your estate pass automatically such as jointly owned bank accounts, there may not be enough cash available to pay the bill. Assets will have to be sold. The assets remaining in your estate will bear a disproportionate estate tax burden.

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