As of January 1, 2015, every individual who is a resident and citizen of the U.S. qualifies for an estate tax exemption of $5.43 million. This means that the first $5.43 million of property a person owns at death is exempt from estate taxes. If a person has made gifts during his lifetime, the exemption at death may be reduced by the amount of the gifts.
For additional information, see our tax planning chart.