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Will my heirs have to pay estate taxes?

Will my heirs have to pay estate taxes?

Estate taxes are taxes paid on the total value of the deceased person's assets. Texas is a community property state, so if a couple's assets total $4,000,000, the deceased spouse's estate is $2,000,000. In 2016 the deceased person's estate value would have to exceed $5,450,000.00 before any estate taxes are owed. That's good news, because not many single people have more than $5,450,000 and not that many married couples jointly own more than $10,900,000. The estate tax law that applies is the estate tax amount at the time of decedent’s death; not at the time the decedent made his or her Last Will and Testament.