|
The entered estate value will be the
taxable estate value, which is generally the value of everything you
own or control at the time of death, less the permissible deductions.
The final taxable estate will be reduced by allowable deductions, such
as funeral expenses.
The following is from the
IRS site, which has much more details:
"Your taxable estate is your gross estate
less allowable deductions.
Gross Estate
Your gross estate includes the value of all property in which you
had an interest at the time of death. Your gross estate also will
include the following:
1) Life insurance proceeds payable to your
estate or, if you owned the policy, to your heirs,
2) The value of certain annuities payable
to your estate or your heirs, |
|
3) The value of certain property you
transferred within 3 years before your death,
4) Trusts or other interests established
by you or others in which you have certain powers.
Taxable Estate
The allowable deductions used in determining your taxable estate
include:
1) Funeral expenses paid out of your estate,
2) Debts you owed at the time of death,
and
3) The marital deduction (generally, the
value of the property that passes from your estate to your surviving
spouse)."
|
