Congress should be concentrating on issues that are of concern to all voters, not just to the 2 percent who have to worry about estate taxes. Consequently, there are two discounts. Depending on how much you own when you die, your estate may have to pay estate taxes before your assets can be fully distributed.
Some states also have their own death and inheritance taxes.
And they must be paid in cash, usually within nine months after you die. Since few estates have this kind of cash, assets often have to be liquidated. But estate taxes can be substantia1ly reduced or even eliminated - if you plan ahead. How much is exempt depends on when you die. To determine the current net value, add your assets, then subtract your debts.