What is my taxable estate?

Your taxable estate comprises of the total value of your assets including your residence, additional properties, business interests, your portion of joint accounts, retirement accounts, and life insurance policies ? minus liabilities and deductions such as funeral expenses paid out of the estate, debts owed by you at the time of death, donations to charitable organizations and value of the assets passed on to your spouse who is a citizen of the United States. The taxes imposed on the taxable portion of the estate are then paid out of the estate itself before distribution to your beneficiaries.

Your taxable estate comprises of the total value of your assets including your residence, additional properties, business interests, your portion of shared accounts, retirement accounts, and life insurance policies minus liabilities and deductions such as funeral expenses paid out of the estate, debts owed by you at the time of death, donations to charitable organizations, and value of the assets passed on to your spouse who is a citizen of the United States. The taxes imposed on the taxable portion of the estate are then paid out of the estate itself before distribution to your beneficiaries.