Noun1.estate tax- a tax on the estate of the deceased person death duty,death tax,inheritance tax transfer tax- any tax levied on the passing of title to property Based on WordNet 3.0, Farlex clipart collection. © 2003-2012 Princeton University, Farlex Inc. ...
Decedent is a legal term used in tax andestate planningto refer to a deceased person. Their possessions become part of their estate when an individual dies and becomes denoted as a decedent or the deceased. The decedent's last will and testament, living trust, or the laws for intestate succ...
A A A A Language: Mobile Apps: For surfers: Free toolbar & extensions Word of the Day Help For webmasters: Free content Linking Lookup box Close Taxable estate(redirected from Taxable Estates) Taxable estate That portion of a deceased person's estate that is subject to transfer tax. ...
Assessed by the federal government and several state governments, these levies are calculated based on the estate'sfair market value (FMV)rather than what the deceased originally paid for itsassets. The tax is levied by the federal government, and also the state where the deceased was living whe...
Estate taxes andinheritance taxesare often discussed together, but they are different: Inheritance tax is paid by a beneficiary, while estate tax is paid out of the deceased's estate before any remaining money, property or other assets are distributed. ...
DECEDENT: A deceased person. DESCENDANT: Issue or offspring of a decedent. DEVISE: Testamentary disposition (through a Will) of real or personal property. DEVISEE: person designated to receive something in a Will ELECTIVE SHARE: The surviving spouse of a decedent who dies domiciled in this stat...
Evaluate estate tax return (Form 706) filing obligations and strategies for accurately reporting and valuing estate assets, including complex assets requiring professional appraisals Apply knowledge of portability elections and the deceased spousal unused exclusion (DSUE) to optimize estate tax planning for...
Calculate theestate administration taxfor the Ontario estate. With the help of theestate administration lawyer,prepare theprobate application. Theprobate application, along with all relevant documents, should be filed with the deceased’s localprobate court. The required documents, including the original...
During the process of settling an estate, the executor may also need to file tax returns for the deceased individual and for the estate itself. If the estate earns an income after the death of the person, an estate tax return will need to be filed for the income. The deceased individual...
The estate tax in the United States is a tax imposed on the transfer of the "taxable estate" of a deceased person, whether such property is transferred via a will or according to the state laws of intestacy. The estate tax is one part of the Unified Gift and Estate Tax system in the...