Estate Taxes  
Taxes are an important consideration in distributing your estate because the money your estate pays in taxes will not be available to your heirs. Each estate is allowed a federal estate tax exemption — an amount that can pass transfer-tax-free, either through lifetime gifts or at death. The 2010 Tax Relief Act reinstated the federal estate tax. In 2012, only estates valued at more than $5.12 million (or $10.24 million for some married couples) may be subject to the federal estate tax. If upon your death the total value of your estate is less than the applicable exemption amount, no federal estate taxes will be due.

You can use this calculator to estimate the taxable value of your estate and the approximate amount of federal estate taxes that could be owed.
     

Gross Value of Estate (Included in the gross estate are items such as real estate, stocks and bonds, insurance on the decendent's life, annuities, and miscellaneous property.)

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Allowable debts, expenses, deductions (Allowable debts are only valid debts owed by the decedent at the time of death. Allowable expenses may include funeral costs and expenses incurred in administering certain property. You may be able to deduct charitable bequests and certain losses that occur during the settlement of the estate.)

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Brooke Rockey, Attorney at Law
2704 South Goyer • Kokomo, IN • 46902
Phone: 765.453.9600 • Fax: 765.453.9600
• brooke@brookerockey.com

Thank you for visiting Brooke Owens Rockey's web site. The web site exists for informational purposes only and none of the web site's contents should be construed as legal advice. Your receipt or transmission of information does not create an attorney-client relationship and can not substitute for obtaining legal counsel from an attorney admitted to practice law in your state. Despite attempts to keep information on tje web site current, the contents may not reflect the most recent legal changes. You should consult with an attorney licensed to practice law in your state before acting on any information on this site.