Inheritance Tax The Estate Tax is a tax on your right to transfer property at your death. It consists of an accounting of everything you own or have certain interests in at the date of death. The fair market value of these items is used, not necessarily what you paid for them or what their values were when you acquired them. The total of all of these items is your "Gross Estate." Properties which may be included consist of Cash and Securities, Real Estate, Insurance, Trusts, Annuities, Business interests and other assets. Once the Gross Estate has been accounted, certain deductions are allowed in arriving at the "Taxable Estate." These deductions may include Mortgages and other Debts, Estate Administration expenses, property that passes to Surviving Spouses and Qualified Charities. The value of some operating business interests may reduce qualifying estates. After the net amount is computed, the value of lifetime taxable gifts is added to this number and the tax is computed. The tax is then reduced by the available credit. Currently, most simple estates with a total value under......

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