Taxable estate

Taxable estate

That portion of a deceased person's estate that is subject to transfer tax.

Taxable Estate

The value of an individual's estate that is subject to taxation. The taxable estate includes the actual value of the estate and most gifts and transfers made for a certain period of time before death. It is important to note that any assets left to a surviving spouse and all assets under a certain dollar amount (under $1 million, depending on the year) are usually excluded from the taxable estate. See also: Estate tax.
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2001(a), the estate tax is imposed on the transfer of the taxable estate of every decedent who is either a citizen or a resident of the United States.
24) If the election is being made to treat a distribution right as a QPR, the statement must provide a schedule of the expected amounts and dates of payments (25) and must include a signed declaration whereby the individual making the election agrees that his or her taxable gifts or taxable estate will be increased (as discussed below) if the payments are not made as provided in the schedule, and that he or she will be personally liable for the resulting increase in tax liability.
If what you will leave behind in terms of net taxable estate is P200,000 or less, then your estate will be exempt from estate taxes.
Vera can do the same, moving a total of $56,000 from their taxable estate.
But suppose G2 does not have a taxable estate large enough to use his applicable exclusion amount and GST tax exemption (both of which are indexed for inflation going forward and will be $5,450,000 in 2016).
These assets are not included in father's taxable estate, but as a result do not benefit from a second step-up in cost basis at his death.
Under current law, the estate tax takes a 40% cut from a taxable estate when a person passes away.
When Jane dies several years later, having fully utilized her exemption for lifetime gifting, the S4 million taxable estate she leaves to her daughter Kim (Sally's grandchild) at her death is also subject to estate tax--thereby subjecting the $4 million to estate tax twice, once at each generation below Sally.
Once a taxable estate exceeds 105% of the basic threshold amount, the [exemption will be totally unavailable to the decedent.
In addition, the death of general partner results in the reduction of your taxable estate because it will include only the value of your general partnership interest, not the value of the FLP's underlying assets.
For example, it could provide liquidity for a taxable estate, provide for the continuing needs of a surviving spouse or leave a financial legacy for children and grandchildren.
However, the gift reduces the taxable estate of the giver.