The laws are complicated by a long list of exclusions and deductions. Advice from a specialist in Estate Planning is important. The first step in Estate Planning is determining your objectives for passing on the estate's assets. Next, you and your professional advisor estimate the taxable estate and decide how to fund estate settlement costs. The taxable estate may differ from what you consider the gross estate.
Inflation is another factor which impacts future estate tax liabilities.
It may even double, depending on the rate of inflation and the contents of the estate. A well-designed Estate Plan will adapt to inflationary changes. Periodic reviews will insure that your original plan continues to meet your family's estate tax needs.