To find out the value of your estate, add up the current value of every asset you own and subtract the value of mortgages and other debts. Add to this number the value of taxable gifts made and find your total. If this amount exceeds $2 million, then you will be liable for estate tax upon your death, which is the tax on your right to pass your property to your inheritors. Your estate tax is not payable by you, however, but by your estate at the time of your death. Your executor will be responsible for paying the estate tax from the whole value of your estate.
Determine if Your State Has a Death Tax
Things You'll Need
- Internet access
- Tax information
Visit your state’s official Web site to look up tax information.
Search for death taxes or estate taxes within the Web site to find current information on your state’s death tax.
Contact a tax broker if you are still unsure and have them help you figure out what taxes you might owe.