Your gross estate for federal estate tax purposes includes:
- All property that you own at death (e.g., real estate, investments, business interests, personal property, mortgages held by you)
- Property you have given away while retaining a lifetime interest in the income from the property, the use and enjoyment of the property, or the right to determine who ultimately receives the property
- Gifts that don’t take effect until you die
- Property that you own jointly with another person except to the extent the other party contributed to the purchase price of the property
- Property over which you possess a general power to appoint the property to yourself or others
- Life insurance policies owned by you or in which you retained the right to change the beneficiary, cancel the policy, or make policy loans
- Your one-half interest in community property
- Annuities, pensions, and profit-sharing plans
From your total gross estate, your estate may take deductions for funeral expenses, administration expenses (e.g., executor’s fees, court costs, attorney’s fees, appraiser’s fees), certain debts and income taxes, state death taxes paid, and property left to your U.S. citizen spouse or to qualified charities.
The net amount may be subject to estate taxes. However, the amount of taxes payable on your taxable estate may be reduced by the unified credit and a credit for foreign death taxes.
Copyright 2006-Broadridge Investor Communication Solutions, Inc. All rights reserved.
Broadridge Investor Communication Solutions, Inc. does not provide investment, tax, or legal advice. The information presented here is not specific to any individual’s personal circumstances.
To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.
These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable—we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.
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CFS representatives do not provide tax or legal guidance. For such guidance please consult with a qualified professional. Information shown is for general illustration purposes and does not predict or depict the performance of any investment or strategy. Past performance does not guarantee future results.
Trust Services are available through MEMBERS Trust Company. CFS* is not affiliated with Members Trust Company.