You owe no estate taxes in 2009 on the first $3.5 million (2006 -- 2008 on the first $2 million). (The estate tax is repealed in 2010 and returns at the 2001 exemption level for deaths occurring in 2011 and thereafter.) For example, if you die with an estate of $4,500,000 in 2009, Uncle Sam will tax $500,000 at 46%. And one more thing: they must be paid in cash, generally 9 months after you have died. Tax is imposed, regardless of how you disperse your property or the relationship you have to the beneficiaries (except your spouse).
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