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Updated on July 12, 2021
The current estate tax exemption is currently set at $5.45 million. So, if your estate is worth less than $5.45 million (or $10.9 million per couple), you do not need to worry about your children or other heirs having to pay estate taxes. However, if your estate is worth more than the exemption, you can expect Uncle Sam to tax your estate worth over and above the exemption at a rate of about 40%. However, there are legal ways to reduce your estate and still insure your heirs receive more of your money after you pass. An irrevocable life insurance trust is one such device.
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