In 2009, Congress abdicated its responsibility to “fix” the expiring Federal Estate Tax. Instead of dealing with this, both sides of the present political struggle failed to do anything – except argue. The result is that no family with assets at death of over $1 million is safe. Why? Because the tax treatment is not only unknown, but unknowable.
If your employer provides a typical 3 times compensation life insurance benefit, and you have privately owned life insurance in a responsible amount to benefit your family, that is all included for estate tax purposes. You may be in trouble, and not be aware of it.
Whatever you do, and with whomever you consult, DO IT NOW. Anticipate the worst, and prepare accordingly.