Federal and state estate tax rules have been in flux for years, but with the passage of the American Taxpayer Relief Act of 2013, the dust seems to have settled. The law didn't actually make big changes to previous law, so the vast majority of estates still won't pay either state or federal estate tax. Here, find out whether or not your estate is likely to owe tax, and if so, how you can take steps now to minimize the bill.
Just a few states still impose a separate inheritance tax. How much inheritance tax you pay depends, unlike an estate tax, on how closely you were related to the person who left you money.