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How Much Estate Tax Will You Pay?
Updated to reflect the latest Estate Tax Numbers
- I changed the unified credit to use the newly passed bill.
Me pay estate tax? No way, you say? Don't be so sure! I'm not talking about now, I'm talking about 20 or 30 years from now when your IRA or 401(k) grows really big and you have that $500,000 life insurance policy to protect the family. And sure the latest Tax Bill raised the limit to $5,490,000 but that number may not seem so large if inflation continues! And remember, unless you use a trust, your life insurance proceeds are added to your estate and may get hit with the estate tax! See for yourself:
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Do you have a credit shelter trust?
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Yes