How much money can your inherit before it is taxable?

President Obama wants to change the law for estate tax back to pre-bush years? How much can an estate be worth in order for the children not to pay taxes?

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According to current federal law, the federal estate tax exemption is $3,500,000 for someone who dies in 2009. In 2010, there is no limit -- there is no federal estate tax at all for someone who dies in 2010. In 2011 onward, the estate tax exemption is scheduled to drop to $1,000,000.

None of this has anything to do with President Obama. These numbers were all established during the Bush administration.

Each state sets its own estate and inheritance taxes.