Estate Law

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Gross Estate Questions

What is gross estate?

The gross estate may include any kind of property in which an individual may have an interest at the time of his/her death. Any life insurance policy that an individual owned, any kind of annuity that may be payable to his/her estate or that he/she may want to transfer to his/her heirs and any property, personal or real estate that he/she may transfer within 3 years before his/her death may be included in the value of the gross estate.

Would an individual from Minnesota have to pay tax on their estate if they die in the year 2011 or later? Will an estate be liable for tax if the owner dies during or after the year 2011 in Minnesota?

An estate tax of 41% on the total value of the estate will be charged if the value is more than $1 million, if the owner were to die in or after the year 2011.

Would a person have to pay estate tax on an estate whose gross value is less than $400,000 in Ohio?

An estate tax may be applicable for any estate whose gross value is more than $338,333 in the state of Ohio irrespective of whether the individual has filed the federal estate tax return or not.

Would a person have to pay estate tax on an annuity whose value is less than $250,000 in Tennessee?

Estate taxes may not be applicable to annuities in the state of Tennessee. A federal estate tax may have to be paid only for estates whose gross value may be over $5.12 million. The individual may only have to pay an inheritance tax.

What percentage of a gross estate would be paid as a fee for probating a will in New York?

In most situations the fees for probating an estate may be calculated according to the schedule set forth by SCPA 2307 in the state of New York unless the person who is executing it is not the trustee. In such situations, any legal duties that the individual may have performed while looking after the estate may be reimbursed.

How is the estate tax determined for an individual’s gross estate?

If the individual owns the estate along with their spouse and it is titled as “joint tenants with right of survivorship”, then 50% of the estate value may be included while calculating the tax. If the account was not jointly held by the spouses, the decedent’s interest proportionate to the estate may be included. If the individual owns the estate along with some other person other than their spouse, then 100% of the estate value may be included while calculating the tax unless the other account owners also make contributions to the estate.

How can an individual avoid paying estate tax in the state of Minnesota?

The estate tax is normally calculated based on the gross value of a deceased person’s estate. In order to avoid estate tax in the state of Minnesota, an individual may create an A/B trust to set up their estate if he/she is married and has other beneficiaries. If this individual cannot set up such a trust, he/she may gift parts of the estate to the beneficiaries in order to bring down its value below the exemption level.

Owning or being the executor of an estate can be a big responsibility. The individual may have to look after a lot of things like taxes, estate administration, distribution, etc. This responsibility increases if the gross value of the estate is high. If you own such an estate or are the trustee of one, you may have questions about how taxes are calculated or what amount of fee has to be paid for probating the estate and so on. You may get this information and more by asking Experts who can answer questions about your estate.
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