WHAT IS A TAXABLE ESTATE?
A taxable estate is the sum total of all your assets that are subject to estate tax when you die. For estate tax purposes, your estate includes the fair market value of all your personal property, real estate, stocks, bonds, cash, life insurance, retirement benefits, certain kinds of trusts, artwork, copyrights, royalties and patents and any other assets that have value. When you die, your Personal Representative is required to file a federal estate tax return if, for federal purposes your assets exceed $5,000,000 (indexed for inflation) and, for Massachusetts purposes, $1,000,000.
Other Frequently Asked Questions:
What is an estate plan?
What is a taxable estate?
What is probate property?
What is probate administration?
Who should have an estate plan?
How can my estate plan lower the federal transfer tax liability?
How can I plan for long term care and disability of a child or adult?