Will I Have to Pay Estate Taxes?

Probably not. The lifetime estate and gift tax exemption, as of this writing, is $5.6 million for an individual and $11.2 million dollars for a married couple. That means only a very small percentage of people whose estates are worth more than the amount of their exemption will pay estate tax. However, many estates still have to pay income tax on income they receive. Estate income tax and estate tax are two separate things.

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