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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 (Refer to Form 706PDF). 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." The includible property may consist of cash and securities, real estate, insurance, trusts, annuities, business interests and other assets.
Once you have accounted for the Gross Estate, certain deductions (and in special circumstances, reductions to value) are allowed in arriving at your "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 or farms may be reduced for estates that qualify.
Beginning January 1, 2011, estates of decedents survived by a spouse may elect to pass any of the decedent's unused exemption to the surviving spouse. This election is made on a timely filed estate tax return for the decedent with a surviving spouse. Note that simplified valuation provisions apply for those estates without a filing requirement absent the portability election.
In the UK, historically an estate comprises the houses, outbuildings, supporting farmland, and woods that surround the gardens and grounds of a very large property, such as a country house, mansion, palace or castle. It is the modern term for a manor, but lacks a manor's now-abolished jurisdiction.
The "estate" formed an economic system where the profits from its produce and rents (of housing or agricultural land) sustained the main household, formerly known as the manor house. Thus, "the estate" may refer to all other cottages and villages in the same ownership as the mansion itself, covering more than one former manor. Examples of such great estates are Woburn Abbey in Bedfordshire, England, and Blenheim Palace, in Oxfordshire, England, built to replace the former manor house of Woodstock. In a more urban context are the "Great Estates" in Central London such as the Grosvenor and Portman, which continue to generate significant income through rent.
Before the 1870s, these estates often encompassed several thousand acres, generally consisting of several farms let to tenants; the great house was supplied with food from its own home farm (for meat and dairy) and a kitchen garden (for fruit and vegetables). However the agricultural depression from the 1870s onwards and the decline of servants meant that the large rural estates declined in social and economic significance, and many of the country houses were destroyed.
Large country estates were traditionally found in New York's Long Island, and Westchester County, the Philadelphia Main Line, Maine's Bar Harbor on Mount Desert Island, and other affluent East Coast enclaves; and the San Francisco Bay Area, early Beverly Hills, California, Montecito, California, Santa Barbara, California and other affluent West Coast enclaves. All these regions had strong traditions of large agricultural, grazing, and productive estates modeled on those in Europe. However, by the late 1940s and early 1950s, many of these estates had been demolished and subdivided, in some cases resulting in suburban villages named for the former owners, as in Baxter Estates, New York.
An important distinction between the United States and England is that "American country estates, unlike English ones, rarely, if ever, supported the house." American estates have always been about "the pleasures of land ownership and the opportunity to enjoy active, outdoor pursuits." Although some American estates included farms, they were always in support of the larger recreational purpose.
Today, large houses on lots of at least several acres in size are often referred to as "estates", in a contemporary updating of the word's usage. Most contemporary American estates are not large enough to include significant amounts of self-supporting productive agricultural land, and the money for their improvement and maintenance usually comes from fortunes earned in other economic sectors besides agriculture. They are distinguished from ordinary middle-class American houses by sheer size, as well as their landscaping, gardens, outbuildings, and most importantly, recreational structures (e.g., tennis courts and swimming pools). This usage is the predominant connotation of "estate" in contemporary American English (when not preceded by the word "real"), which is why "industrial estate" sounds like an oxymoron to Americans, as few wealthy persons would deliberately choose to live next to factories.
Depending on the particular context, the term is also used in reference to an estate in land or of a particular kind of property (such as real estate or personal estate). The term is also used to refer to the sum of a person's assets only.
Under United States bankruptcy law, a person's estate consists of all assets or property of any kind available for distribution to creditors. However, some assets are recognized as exempt to allow a person significant resources to restart his or her financial life. In the United States, asset exemptions depend on various factors, including state and federal law. The estate (or assets) of a bankrupt person is administered by a trustee in bankruptcy. The legal position in all common law countries is similar in this respect.
In land law, the term "estate" is a remnant of the English feudal system, which created a complex hierarchy of estates and interests in land. The allodial or fee simple interest is the most complete ownership that one can have of property in the common law system. An estate can be an estate for years, an estate at will, a life estate (extinguishing at the death of the holder), an estate pur autre vie (a life interest for the life of another person) or a fee tail estate (to the heirs of one's body) or some more limited kind of heir (e.g. to heirs male of one's body).
Fee simple estates may be either fee simple absolute or defeasible (i.e. subject to future conditions) like fee simple determinable and fee simple subject to condition subsequent; this is the complex system of future interests (q.v.) which allows concepts of trusts and estates to elide into actuarial science through the use of life contingencies.
Estate in land can also be divided into estates of inheritance and other estates that are not of inheritance. The fee simple estate and the fee tail estate are estates of inheritance; they pass to the owner's heirs by operation of law, either without restrictions (in the case of fee simple), or with restrictions (in the case of fee tail). The estate for years and the life estate are estates not of inheritance; the owner owns nothing after the term of years has passed, and cannot pass on anything to his or her heirs.
Superimposed on the legal estate and interests in land, English courts created "equitable interests" over the same legal interests. These obligations are called trusts which will be enforceable in a court. A trustee is the person who holds the legal title to property, while the beneficiary is said to have an equitable interest in the property.
Mayslake Peabody Estate's volunteers assist staff by helping lead tours of the Tudor-revival-style building and describe life at the estate in the early 1920s. Research volunteers uncover exciting information about the Potawatomi, Peabody family, and Franciscan Order of Friars Minor. Estate garden volunteers work to re-establish the lush grounds around Mayslake Hall and maintain formal landscaping.
WeddingsWeddings at Willowdale Estate are offered year-round with a full-service approach that includes catering, service, and equipment for each event. We are located just 30-miles north of Boston, Massachusetts within a 720-acre state forest, and along the pristine Ipswich River. Our private estate is the perfect setting for both the ceremony and reception.
Note: For returns filed on or after July 23, 2017, an estate tax return is not required to be filed unless the gross estate is equal to or greater than the applicable exclusion amount.
The small estate administration is a simplified court procedure available if the person who died (the "decedent") did not have many assets. You can ask the Surrogate's Court to let you divide and give away their property to people who have a legal right to inherit. To do this you need to file a form called an "Affidavit of Voluntary Administration," also known as the "small estate affidavit." This free program will help you create the affidavit that you will need to file in Surrogate's Court. [Learn more about Small Estate]
The Estate on the Halifax is the perfect Central Florida wedding location, with multiple venues on our 10 acre private estate. We host weddings, corporate events, reunions, anniversaries retirement parties many more elegant events.
The Maryland estate tax is a state tax imposed on the privilege of transferring property. Simply stated, the tax consists of an accounting of everything a decedent owned or had certain interests in at the date of death. The tax is administered and collected by the Comptroller of Maryland and is due within nine (9) months after the decedent's date of death. See the MET-1 Estate Tax Return and the links below for more information.
The Maryland inheritances tax is a tax imposed on the privilege of receiving property. The tax is collected by the Register of Wills located in the county where the decedent either lived or owned property and is not due until the property is distributed from the estate. For more information, contact the Office of the Register of Wills. 59ce067264