Virtually everything you own or control may be subject to estate, inheritance, gift and generation–skipping taxes, which can substantially reduce what you pass on to your heirs.
The new tax laws have moved the dial on federal estate tax. If the value of your taxable estate is less than the federal estate tax exemption at the time of your death, it will not be taxed by the federal government. ($11,200,000/individual, and rising beginning in 2018 through 2025). But for estates valued over that amount, creative estate planning can avoid or minimize tax liabilities. Keep in mind that many states still have an estate or inheritance tax on distributions to non-charitable heirs.