For 2013 the federal estate tax exemption* amount is $5.25 million per person, with a 40% tax rate on taxable assets over that amount. However, an unlimited amount may be left tax free to a spouse who is a U.S. citizen. Also starting in 2013 there is a "portability" provision that potentiality can increase the amount to $10.5 million that a surviving spouse can leave estate-tax free to his or her heirs if your will did not provide for a bypass trust.
*Your unified exemption amount is reduced by the amount of any gifts you make during your lifetime that exceed the annual gift tax exclusion amounts, leaving a lesser amount available to offset any potential estate tax liabilities at your death.
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