NEW REQUIREMENTS FOR LATE PORTABILITY ELECTIONS October 28, 2022 John A. Cocklereece, Jr. Travis Woolen Estate Planning Blog The death/estate tax is a tax on the value of a person's estate. There is no NC state death/estate tax, but there is a federal death/estate tax. However, the federal death tax only applies if the estate value is over $12.6M per person as of 2022. [This higher value was put in place in the 2017 tax act and is indexed for inflation. However, under current law, the higher value will revert to the old exemption amount in 2025, unless extended, but still indexed for inflation.]. So, for most people, the estate tax is not a concern.