Now, remember that estate taxes are on the net value of your estate when you die. To determine the current net value of your estate, add your assets then subtract your debts.
Include your home, business interests, bank accounts, investments, personal property, IRAs, retirement plans -- AND death benefits from your life insurance policies.
If the net value of your estate is less than $675,000 and you die in 2000 or 2001, you'll pay no estate taxes. But if it's more, every dollar over $675,000 will be taxed, starting at 37%–and the tax rate quickly climbs to 55%!
