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    or elections or jointly held property) with a total value under $1,000,000 and a date of death in 2002 or 2003 and $1,500,000
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    Federal estate tax applies to the transfer of property at death. The estate of a person who died is liable for taxes on the estate.

    The executor of the estate must file returns for the deceased person. This return is due nine (9) months after the date of death. (IRS can extend the time for any payments due up to 10 years)

    IRS Tax Code Reads As Follows: "Most relatively simple estates (cash, publicly traded securities, small amounts of other, easily valued assets and no special deductions or elections or jointly held property) with a total value under $1,000,000 and a date of death in 2002 or 2003 and $1,500,000

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    The executor of the estate must file returns for the deceased person. This return is due nine (9) months after the date of death. (IRS can extend the time for any payments due up to 10 years)

    IRS Tax Code Reads As Follows: "Most relatively simple estates (cash, publicly traded securities, small amounts of other, easily valued assets and no special deductions or elections or jointly held property) with a total value under $1,000,000 and a date of death in 2002 or 2003 and $1,500,000

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    date of death. (IRS can extend the time for any payments due up to 10 years)

    IRS Tax Code Reads As Follows: "Most relatively simple estates (cash, publicly traded securities, small amounts of other, easily valued assets and no special deductions or elections or jointly held property) with a total value under $1,000,000 and a date of death in 2002 or 2003 and $1,500,000

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    tively simple estates (cash, publicly traded securities, small amounts of other, easily valued assets and no special deductions or elections or jointly held property) with a total value under $1,000,000 and a date of death in 2002 or 2003 and $1,500,000
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    or elections or jointly held property) with a total value under $1,000,000 and a date of death in 2002 or 2003 and $1,500,000 and a date of death in 2004 or 2005 do not require the filing of an estate tax return"

    The really good news is that Congress has approved a schedule that increases the amount an individual can leave to heirs tax-free to $2 million in 2006-2008 and to $3.5 million in 2009.

    Life insurance proceeds are included in the estate only IF the proceeds are received by the estate in any way.

    The gross estate includes the value of ALL property belonging to the deceased at the time of death.

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