When you die all of your assets must be located and valued during the probate process. There are several reasons why this is required. One of those reasons is to ensure that Uncle Sam receives any gift and estate tax due on the estate. Gift and estate taxes are levied on all qualifying gifts made during your lifetime as well as on all assets in which you have an ownership interest at the time of your death.
Topics covered in this report include:
- What Is the Gift and Estate Tax?
- The Lifetime Exemption
- The Value of Your Estate – Do You Know What You Are Worth?
- Ways to Avoid Incurring Gift and Estate Taxes