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Joe and Rachel are both retired
Joe and Rachel are both retired. Married for 55 years, they have amassed an estate worth $4.4 million. The couple has no trust or other type of tax-sheltered assets. If Joe or Rachel died in 2017, how much federal estate tax would the surviving spouse have to pay. assuming that the estate is taxed at the 40 percent rate?
Expert Solution
There is a provision in United States Federal Estate and Gift Tax law which allows an individual to transfer an unrestricted amount of assets to his or her spouse at any time, including at the death of the transferor, free from tax. This means that no taxes would needed to be paid on a specific amount transferred to either spouse, even in the case of death.
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