Upon death, an estate can be charged with an estate/death tax if not properly planned for. Each year, an individual can gift up to $15,000 per person of their choosing, exempt of any gift tax. Beyond $15,000, the individual will incur a gift tax. Currently, a single person can die with up to $11,700,000.00 in assets or $23,400,000.00 as a married couple and pay no Federal Estate Tax at their death. By using irrevocable trusts, partnerships, charitable planning and gifting; one can minimize or completely eliminate the Estate taxes owed. Planning in this manner is especially important since the lowest tax rates for the Estate Tax is about 40% of each dollar over the allowable amount.