Complete Guide to Estate Planning

Here's what nobody tells you about wealth transfer: the IRS and state tax collectors might claim 40% or more of what you've spent decades building. I've watched families lose the farm—literally—because they ignored estate planning taxation. One client's children had to sell their father's business for pennies on the dollar just to cover the tax bill. That business had been in the family for three generations.

You can prevent this outcome. Strategic planning protects your wealth while keeping everything completely legal.

What Are Estate Taxes and Who Pays Them

Think of estate tax as the government's final bill before your assets transfer to heirs. Here's how it works: After you die, the IRS adds up everything you own—your house, investment portfolio, that classic car collection, business interests, even your jewelry and art. They calculate the total fair market value of these assets.

For 2026, single filers get a $13.99 million exemption. Married couples? They can shield $27.98 million if they structure things correctly (that's called portability, and you'll need to file paperwork to claim it). Stay under these amounts and federal estate tax won't touch you. Cross that line, though? The tax rate starts at 18% and jumps quickly to 40% on the highest value estates.

But wait—there's more. And it's not good news.

Seventeen states (plus D.C.) run their own estate tax systems. These states set much lower exemption thresholds. Massachusetts and Oregon start taxing estates worth just $1 mil...