You may owe Estate Taxes at your death. Federal Estate taxes are assessed currently (2019) at 40% of any assets owned or given over the lifetime exemption, currently (2019) $11.49 million dollars. There is no California Estate Tax as of 2019.
If this presents a problem for your family, you should consider engaging in Advanced Planning techniques designed to limit or eliminate the estate tax.
The sooner you plan, the better and easier it will be.
The current lifetime exemption is set to expire in 2025 (where it will be reduced to about 5 million).
If you do not use your exemption today, you can lose millions of dollars in tax savings for your family.
If estate taxes is a concern for your family, schedule a strategy session now to explore your options and possibilities with an attorney today!