Your Taxable Estate

What is my taxable estate?  

Your taxable estate makes up total value of your assets including your home, other real estate, business interests, investments, your share of joint accounts, retirement accounts, and life insurance policies, less reductions in next paragraph.

Taxable estate is total estate value reduced by amount of liabilities and deductions such as funeral expenses, which would be paid out of the estate, debts owed by you at the time of death, bequests to charities and value of the assets passed on to your U.S. citizen spouse. 

The taxes imposed on your taxable estate are to be paid out of the estate itself before distribution of assets and payment to your beneficiaries.

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This is for information only and not the providing of legal or tax services.  You should always consult with a lawyer or income tax professional prior to making decisions about estate planning and your taxable estate.

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