For a free initial assessment, give Matrium Law Group a call at (406) 552-7814, send a text to (406) 552-7814, or send an email to lili@matriumlaw.com.
Montana does not have an estate tax or a “death tax.” Montana also has no inheritance tax and no gift tax. That said, very wealthy Montanans may still have to pay the federal estate tax, if the value of their estate is high enough.
The federal estate tax is a tax that is levied on a dead person's inherited assets. The federal estate tax generally only applies to assets over $13.61 million in 2024 ($27.22 million in 2024 for married couples), In other words, for 2024, a single taxpayer can claim a federal estate and lifetime gift tax exemption of $13.61 million. Married couples can double that amount.
There was a time when the federal estate tax exemption amount was much lower, and therefore affected more Montanans. In those days, tax minimization was a goal in the estate planning process for many Montanans. But now the federal estate tax affects less than one percent of deceased Montanans’ estates.
Even if your assets are under the federal estate tax exemption amount of $13.61 million in 2024 ($27.22 million for a married couple), it is still wise to have a lawyer help you prepare an estate plan, so that you can have a say in what will happen to your assets when you die. Especially because the federal estate exemption remains in effect only through the end of 2025. After that, the amounts are scheduled to drop in 2026 (adjusted for inflation, the single taxpayer limit will drop back to an estimated $7 million). Of course, it is possible that the current exemption will be extended or modified, if Congress passes new legislation.
My name is Lili Panarella. I have been an attorney for 25 years. I am the founder and owner of Matrium Law Group.
I have seen many Montanans who died without a Will. People who have experienced the death of a family member who didn’t have an estate plan agree that it is worth investing the time and money to avoid the confusion, delay, expense, frustration, and in-fighting that often occurs in families when an individual dies without an estate plan . If you are interested in learning more about estate planning, give me a call at (406) 552-7814, send a text to (406) 552-7814, or send an email to lili@matriumlaw.com.
Best regards,
Lili Panarella, Owner & Attorney at Law, Matrium Law Group PLLC
This blog post has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. Information found on www.matriumlaw.com is not intended to be a substitute for legal advice.