Broadly speaking, the estate tax is calculated on the amount in an individual’s estate at the time of their death. In 2012, if an individual’s estate is larger than $5,120,000 it will be taxed at a 35% marginal rate. If a married couple dies in 2012, they can have an estate worth $10,240,000 before a 35% marginal rate is applied. These aforementioned amounts are known as the estate tax “exemption.”
This article is intended to be helpful and informative. But even common legal matters can become complex and stressful. A qualified estate tax lawyer can address your particular legal needs, explain the law, and represent you in court. Take the first step now and contact a local estate tax attorney to discuss your specific legal situation.