Estate and Gift Tax Guide

General legal information only. Check the controlling document and current law before acting.

A tax imposed on the transfer of a taxable estate, rather than on a beneficiary's individual receipt alone.

What this topic controls

• Federal and possible state estate-tax rules can affect returns, elections, valuations, liquidity, and planning.
• Estate tax, inheritance tax, income tax, and capital-gain rules are different systems with different taxpayers and filing triggers.
• Death can trigger final individual, estate or trust income, estate, inheritance, property, payroll, and information-return questions.
• The filing entity, tax year, valuation date, basis, elections, and deadlines should be identified before distributions close the estate or trust.

Records to organize

• prior returns, income forms, basis, appraisals, and date-of-death values
• entity identification, fiduciary appointment, distributions, and tax correspondence

Questions to verify

• Which returns and jurisdictions apply?
• What reserve is needed before final distribution?