What is the estate tax exemption?
An example of an AI chatbot conversation about estate tax exemptions and their implications.
What is the estate tax exemption?
The estate tax exemption is the amount of money that can be passed on to heirs without incurring federal estate taxes.
How much is the current estate tax exemption?
As of 2023, the federal estate tax exemption is $12.92 million per individual.
Does the exemption apply to gifts made during my lifetime?
Yes, the exemption also applies to gifts made during your lifetime, but there are annual limits on gift exclusions.
What happens if my estate exceeds the exemption limit?
If your estate exceeds the exemption limit, the excess amount may be subject to federal estate taxes, which can be quite high.
Are there any state estate taxes I should be aware of?
Yes, some states have their own estate taxes with different exemption limits, so it's important to check your state's regulations.
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