Mcdonald's Gross Estate Case Study
The gross estate is determined by adding the value of all the decedent’s property at the time of his death. See 26 U.S.C. § 2031. Property encompasses both real and personal property. It also includes cash, securities, insurance, trusts, annuities, business interests and other assets. In addition to the property that the decedent owned at death, the gross estate will also include transfers made within a 3 year period prior to his death. See 26 U.S.C. § 2035.
The $2 million in trust assets would be considered part of Donald’s gross estate if Donald dies on or before June 1, 2017 because the trust assets would have been transferred within three years of Donald’s death. See 26 U.S.C. § 2035. However we need to go further to find Donald’s taxable
The $2 million in trust assets would be considered part of Donald’s gross estate if Donald dies on or before June 1, 2017 because the trust assets would have been transferred within three years of Donald’s death. See 26 U.S.C. § 2035. However we need to go further to find Donald’s taxable