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Your gross estate for federal estate tax purposes includes:
- All property that you own at death (e.g., real estate, investments, business interests, personal property, mortgages held by you)
- Property you have given away while retaining a lifetime interest in the income from the property, the use and enjoyment of the property, or the right to determine who ultimately receives the property
- Gifts that don’t take effect until you die
- Property that you own jointly with another person except to the extent the other party contributed to the purchase price of the property
- Property over which you possess a general power to appoint the property to yourself or others
- Life insurance policies owned by you or in which you retained the right to change the beneficiary, cancel the policy, or make policy loans
- Your one-half interest in community property
- Annuities, pensions, and profit-sharing plans
From your total gross estate, your estate may take deductions for funeral expenses, administration expenses (e.g., executor’s fees, court costs, attorney’s fees, appraiser’s fees), certain debts and income taxes, state death taxes paid, and property left to your U.S. citizen spouse or to qualified charities.
The net amount may be subject to estate taxes. However, the amount of taxes payable on your taxable estate may be reduced by the unified credit and a credit for foreign death taxes.
SESLOC members have access to our knowledgeable CFS* Financial Advisor, located at SESLOC Wealth Management »
Prepared by Broadridge Investor Communication Solutions, Copyright 2023.
SESLOC Wealth Management is provided through our relationship with CUSO Financial Services, L.P. (CFS)* an Independent Broker-Dealer and SEC Registered Advisor formed for the express purpose of serving Credit Union member’ investment and financial planning needs.
*Non-deposit investment products and services are offered through CUSO Financial Services, L.P. (“CFS”), a registered broker-dealer (Member FINRA/SIPC) and SEC Registered Investment Advisor. Products offered through CFS are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including potential loss of principal. Investment Representatives are registered through CFS. SESLOC has contracted with CFS to make non-deposit investment products and services available to credit union members. CFS and its representatives do not provide tax advice. For specific tax advice, please consult a qualified tax professional.
