Organizational Tax and Planning - Estate Tax - Research Paper Example

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Organizational Tax and Planning - Estate Tax

The total value of estate tax is referred to as Gross Estate, while the tax itself is estimated by taking the Fair Market Value of the total taxable estate. If the estate is associated with any Mortgage or fees payable for setting the estate, then the Gross Estate is adjusted to that amount. The Net Value of Estate, which is reduced by the value of exemptions stipulated in the Laws, is the net amount after allowing for all the possible deductions. Case advise In the current case, a wealthy couple owns a farm and a number of businesses that they would like to bestow to their three children. They would like to be advised how to minimize tax against this property, so their children can enjoy the maximum benefit. In order to effectively bequeath the property to their descendants when they die, the couple should exercise proper estate planning, and particularly focus on matters of he estate tax. Looking at the provisions of Estate Tax, it appears that Estate Tax is a must pay tax that is imposed on the transfer of property following the death of the transferor. While it is not possible to avoid this tax, there are a number of ways that the couple can use to evade or legally minimize the impact of this tax. ...Show more


Estate tax is the tax that is charged against any estate or inherited property receiver by descendants or legal heir. Estate tax is the same as gift tax, only that gift can be granted during the givers lifetime while estate changes hand only after the giver dies…
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