As of January 1, 2024, here are the numbers-
Estate Tax Rate: rates max at 40%
Exemption Amount**: 13.61mm per person (27.22mm if married)
** explained another way – you will not owe estate taxes if all the assets, including life insurance, is less than this amount.
PS. Now is the time to discuss strategies to save your family estate taxes upon your death – call us today to schedule an appointment.