Includes all non-retirement investment accounts, such as stocks, bonds, mutual funds, CDs, bank accounts, nonqualified annuities, net investment real estate.
If the IRA holder turns 70½ this year, he or she can defer the first distribution until April 1 of the next year. If the holder is older, he or she would normally be required to take an RMD before December 31 of this year. RMDs are considered taxable income for the year in which they are taken.
Include death benefits only (no cash values).
This is the equity in your home and/or any vacation homes.
This includes personal property, such as cars, boats, airplanes, jewelry, artwork, collections, antiques, and essentially everything in your home.
Includes all qualified plan assets (such as from a 401(k), pension plan, IRA) or qualified annuity, net of income taxes, if any.
After you do this calculation, re-run it with different years of death -- both short- and long-term -- to see the effects that various years of death, and any related tax laws, may have on what you can leave behind for your heirs.
This is any debt, including credit-cards, auto loans, and personal loans, that is not secured by real estate that you own.
Include any assets that are set aside in your estate plan for donation to qualified tax-exempt charities.
If your spouse passed away after December 31, 2010, your estate may be able to apply any unused portion of his or her federal estate/gift tax exclusion to your estate. This is known as the "spousal exclusion." There are certain complex planning measures you may be able to execute in order to maximize the use of the applicable exclusion amount.