Taxable estate

A taxable estate is the total value of all your assets—such as property, savings, investments, and valuables—at the time of your death, minus allowable deductions like debts and certain expenses. This net amount is what's subject to estate taxes, which are imposed by the government on large estates. Not all estates are taxable; many are below the exemption threshold, meaning no taxes are owed. Understanding the taxable estate helps in planning for potential estate taxes and ensuring your assets are transferred according to your wishes efficiently.