How much estate taxes have to be paid on an estate valuing approximately $1,040,000?

I live in NC and my parents' estate (who lived in NY) is valued at a little over a million. How much estate taxes could I be hit with? Thanks for any help. I'm sorry - I should have added that the date of death was November of 2006. We had a lawyer that messed up on the estate matter and now have another lawyer handling the estate and telling us that we may have to pay a lot in taxes. Thanks again.

Public Comments

1. There won't be any Federal estate tax. The estate is well below the value of the Federal exemption.
2. The estate tax exemption is currently $2 million, so you shouldn't have a problem if they died in 2007 or 2008. Caveat: If they made large gifts during their lifetime (generally over $10K in prior years and $12K the past couple of years), then the gifts will reduce their available exemption.
3. estate tax is 40 percent and it has to be over two million so your ok
4. On this one, zero.