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Gift, Estate, and Generation-Skipping Transfer Taxes

What Is In My Gross Estate?

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Your gross estate includes the value of all property in which you have an interest at the time of death (such as stocks and other securities, real estate, business interests, jewelry and other personal property, trusts and cash), plus the following:

  • Life insurance policies payable to your estate, regardless of who owns the policy.
  • Life insurance policies that you own, regardless of who receives the benefit.
  • The value of annuities paid to your estate or your heirs. This includes, for example, annuities from a pension plan. This does not include an annuity that terminates upon your death.
  • The value of certain property you transferred within three years before your death. While most property you transfer within three years of your death will not be swept back into your estate (and therefore taxed), some will be, including life insurance policies and all gift taxes that you paid. 

The assets are valued at fair market value - not the amount you paid for them or the value on the date they were acquired.

To learn more, see: IRS Publication 950: Introduction to Estate and Gift Taxes offsite linkand Form 706: United States Estate (And Generation-Skipping Transfer) Tax Return, available at: offsite link. The instructions for Form 706 are available at: offsite link

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