The 2025 estate tax exclusion is $13.61 million per person with a 40% top rate. Executors compute taxable estate, add post‑1976 gifts, then apply the applicable credit first, followed by foreign death tax, pre‑1977 gift, and prior transfer credits. Credits can eliminate tax but not create refunds. Portability requires timely Form 706 to preserve a spouse’s unused exclusion.
