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LegalGems
LegalGems, Attorney
Category: Estate Law
Satisfied Customers: 7405
Experience:  Private Practice; Elder Law Attorney; Estate Planning; Attorney Mentor
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What had to be included in a final tax return of an estate

Customer Question

What had to be included in a final tax return of an estate
Probate and non probate assets
Or just probate
Submitted: 1 year ago.
Category: Estate Law
Expert:  LegalGems replied 1 year ago.
My goal is to provide great service - if you have any questions, please ask. A follow up consult with a personal attorney is always recommended.
All assets that the decedent owned at the time of death are to be included for tax purposes.
What property must be included in the gross estate?
The gross estate for federal estate tax purposes includes all property in which the decedent had an interest. It also includes:
Certain transfers made during the decedent's life without an adequate and full consideration in money or money's worth;
Annuities;
Joint estates with right of survivorship;
Tenancies by the entirety;
Life insurance proceeds (even though payable to beneficiaries other than the estate);
Property over which the decedent possessed a general power of appointment;
Dower or curtesy (or statutory estate) of the surviving spouse; and
Community property to the extent of the decedent's interest as defined by applicable law.
Here is a guide published by the state: http://www.mass.gov/dor/individuals/taxpayer-help-and-resources/tax-guides/estate-tax-information/estate-tax-guide.html
You will see the form requires that the "gross estate" be included: http://www.mass.gov/dor/docs/dor/forms/est-tax/pdfs/m-70603.pdf
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