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Estate Planning Information

Estate Tax

Estate tax may apply to your taxable estate at your death. 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.

  • Life insurance proceeds payable to your estate or, if you owned the policy, to your heirs.
  • The value of certain annuities payable to your estate or your heirs.
  • The value of certain property you transferred within 3 years before your death.
  • 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).