Financial Calculators
Estate Value Calculator - Net Worth & Estate Planning
Estimate the total value of an estate by listing assets and liabilities. Categorizes real estate, retirement accounts, investments, and personal property to show gross estate and net worth.
Gross Estate
$875,000
Liabilities
$315,000
Net Estate
$560,000
Assets
Liabilities
By Category
Estate tax basics
The federal estate tax applies only to estates exceeding the applicable exclusion amount ($13.61 million per individual in 2024; $27.22 million for married couples using portability). The vast majority of estates owe no federal estate tax. State estate or inheritance taxes have separate, often lower thresholds - twelve states and Washington D.C. impose their own estate taxes as of 2024.
Key estate planning documents
| Document | Purpose | When you need it |
|---|---|---|
| Last Will & Testament | Directs distribution of probate assets; names guardians for minor children | Everyone with assets or dependents |
| Revocable Living Trust | Transfers assets outside probate; can be amended during lifetime | When avoiding probate is a priority |
| Durable Power of Attorney | Names someone to manage financial affairs if you are incapacitated | All adults |
| Healthcare Directive / Living Will | Documents medical treatment preferences; names healthcare proxy | All adults |
Probate vs. non-probate assets
Not all assets pass through your will. Probate assets are solely-owned property without a beneficiary designation - they are distributed according to your will (or state intestacy law if you have no will). Non-probate assets transfer directly to named beneficiaries outside the probate process:
- Retirement accounts (IRA, 401k) with a named beneficiary
- Life insurance policies with a named beneficiary
- Property held in joint tenancy with right of survivorship
- Assets held in a living trust
- Payable-on-death (POD) and transfer-on-death (TOD) accounts
Step-up in basis
When an heir inherits an asset, its cost basis for capital gains purposes is "stepped up" to the fair market value at the date of the decedent's death. This eliminates capital gains tax on all appreciation that occurred during the original owner's lifetime. For example, stock purchased for $10,000 that is worth $100,000 at death transfers with a $100,000 basis - the heir owes no tax on the $90,000 gain.