The first months
Understand the difference between estate tax and inheritance tax
Estate tax is paid by the estate before assets are distributed. Federal estate tax only applies above around $13 million, so most estates skip it. Some states have their own estate or inheritance tax with much lower thresholds. Inheritance tax is paid by the person receiving the assets, in the few states that impose one.
What you'll need
- A rough estimate of the estate's total value
Good to know
The rules for this vary by state. Someone on our team can help you find out what applies where they lived.
Need help with this step?
Someone on our team can talk through this step with you, answer questions, and help you figure out what applies.
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