Estate planning is essential for everyone, no matter how simple or small the estate. But once your estate edges close to $1 million, the complexities increase.
Unless your estate is valued at more than $5.43 million—or $10.86 million for a married couple—you’re exempt from federal estate taxes. But some states impose estate and/or inheritance taxes at a lower threshold, with most around $1 million to $2 million, although the cutoff is only $675,000 in New Jersey.