Estates with a gross estate
, plus adjusted taxable gifts, of more than the exclusion amount for the decedent's year of death, and estates of any size whose executor elects to make a portability election, need to file an estate tax return, which is due within nine months after the date of the decedent's death.
Dealing with the BIR consists mostly of presenting documents in support of the properties included in the gross estate
and the expenses claimed as deduction.
64) Thus, the minor differences between Alaska's DAPT statutes and South Dakota's initial DAPT statutes in their treatment of creditors with tort claims and creditors seeking child support and alimony could likely have been significant in either determining the federal gift tax consequences to a settlor's transfers to the trust or in determining the federal gross estate
of a settlor for federal estate tax purposes.
The important thing to remember is that to be able to exclude one's property from the gross estate
the transfer by gift should be real - there must be present surrender of possession and control and a promise to transfer is not enough.
If the insured elects to have death proceeds held under an interest or installment option for the insured's surviving spouse with proceeds remaining at the surviving spouse's death payable to another, a portion of such remaining proceeds may be includable in the surviving spouse's gross estate
under IRC Section 2036 as a transfer by the surviving spouse of his or her community property interest with life income retained.
total gross estate
, however, the average total taxable estate for all returns decreased between 2009 and 2010, but then increased for returns filed in 2011.
Chenoweth drew attention to the need for the valuation of closely held interests passing to the marital and charitable deductions, which led to consideration of the reverse situation of a controlling interest in the gross estate
but only a minority interest passing to the surviving spouse or charity.
The taxable estate equals the gross estate
reduced by all deductions.
The gross estate
also includes specific types of property the decedent may have irrevocably transfered with no remaining powers exercised if the property was transferred within three years of the decedent's death, (88) such as a servicemember's transfer of a life insurance policy to another less than three years prior to his death.
The value of the survivor's annuity is includable in the deceased annuitant's gross estate
in proportion to his contribution toward the purchase price of the contract.
If these debts totaled $500,000, then the adjusted gross estate
would be $7,500,000.
All property that is included in the gross estate
and passes to the surviving spouse is eligible for the marital deduction.