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The estate planning calculator will help you to estimate your estate tax liability for this tax year. You can also use the calculator to project the value of your estate in the future and the associated estate tax that you will have to pay for the next 10 years.
When you pass away, the property, money and investments that you leave to your family makes up your ‘estate’. In order to preserve your estate for your family and friends, it is important to start your estate planning now. A great place to start your estate planning is to figure out what your potential estate tax liability will be.
This is all vital information that is worth knowing – by making your calculations and projections now you are doing everything possible to ensure that there are no nasty surprises further down the line. Armed with the knowledge gained from this calculator tool, you can also do more to ensure that as much of your estate as possible goes to the people you love when you die, rather than to the IRS!
Follow these steps:
This calculator is most useful if you:
This is the method that the Inland Revenue uses to prevent extremely wealthy people from giving away large parts of their estate before they die in order to circumvent estate taxes. If you haven’t ever given someone a gift of $10,000 or more you needn’t worry about it. If you have, click on the ‘Used gift exemption’ text on the calculator for information on how to calculate it.