From Marcus.com….
The federal estate tax, also known as the “death tax,” is a tax on the transfer of your estate after your death. But the tax actually impacts only a small number of US taxpayers.
According to the Tax Policy Center, generally, less than 0.1% of the estates (of those who have passed) are subject to the federal estate tax.
That figure isn’t all that surprising considering that for 2020, the federal estate and gift tax exemption amount is $11.58 million. This means that if the value of your estate and prior taxable gifts is $11.58 million or less, it is exempt from the tax.
