The federal estate tax, also known as the "death tax", is a tax on inherited assets. In 2023, this tax applied to assets over 12.92 million and now in 2024, applies to individual estates over 13.61 million and 27.22 million for spouses.
At the moment, House Republicans are reintroducing a bill to permanently repeal the death tax. With Congress split, analysts are stating that this bill is unlikely to pass. We will keep you up to date as more of this story unfolds. Stay tuned!