What Estate Taxes Might Apply at Death?

There are three types of potential estate taxes that need to be considered when planning one’s estate:

Federal Estate Tax: The IRS imposes significant taxes on a descendant’s estate. Property subject to federal estate tax (called the “gross taxable estate”), includes most or all of a decedent’s assets, including assets held in trust or otherwise avoiding probate. There are key exemptions and credits that can eliminate this tax completely for many individuals.

Generation-Skipping Transfer (GST) Tax: gifts made to relatives more than one generation away (i.e. grandchildren, etc.) are subject to GST taxes.

Missouri Estate Tax: Missouri currently does not impose any state-level estate tax.