Estate Tax Calculator– Version 02/2002

All data entry cell characters are shown in red.

This calculator is designed to estimate ones Federal Estate Tax liability consistent with the tax reform bill of 2001. The current law provides for the elimination of the estate tax by the year 2010.  However, unless Congress acts again, the sunset clause brings the estate tax back in the year 2011.  Stay tuned…

Be aware that taxable gifts (post 1976) as well as other credits can modify the results of this calculator. Please consult your tax advisor as you go through this process to confirm the specifics of your situation. 

Data Entry:

Current Year: Select the current year. This adjusts the unified credit amount according to the schedule outlined in the tax reform bill of 2001.

Estimated Gross Estate: Inventory the assets in your estate and enter the total value in this cell.

Administration Expenses: The calculator allows you to select estate settlement expenses totaling from 0-10% of the gross estate. Use the pull-down menu to may the appropriate selection. The calculator then indicates the dollar amount of the administration expenses.

Debts to be Paid: Enter any remaining debts that will need to be paid at the settlement of the estate.

Funeral Expenses: Enter final expenses here.

Charitable Bequests: Enter any charitable donations that are outlined in the will.

The calculator then calculates the taxable estate and indicates the tentative tax obligation.

% of Unified Credit Remaining: It is possible that some or all of the unified credit has been used. If this is the case indicate the percent of the current unified credit that has not been used.

The calculator then indicates the total unified credit that remains and the corresponding exclusion.

In the bottom section of the calculator you will see the total estate tax due, the estimated net estate to the family and the estate shrinkage, due to the taxes and other adjustments.