Credit given to each person that can be applied to the amount of federal estate tax owed by that person at death. In 2015 the AEAwas $5,430,000 per spouse.
The estate tax in the US is a federal tax levied on the distribution of a decedent's estate. If a person dies without leaving a will, state intestacy laws will apply to the transfer of property. A trust transfer, the payment of certain life insurance benefits, and transfers of financial assets are examples of further transfers that may be taxed. In the United States, the federal unified gift and estate tax includes the estate tax. The gift tax, the other component of the system, is applicable to transfers of property made while a person is still alive. A lot of states have passed comparable taxes in addition to the federal estate tax.
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