What property is included in the taxable estate?
The taxable estate includes your probate estate (whatever passes under your will or by intestate succession) plus certain nonprobate transfers, such as the value of any life insurance or 401k plan or property in a revocable trust. Examples of property that may be taxed are the family home, any cars, jewelry, stocks, and bank accounts. A good estate plan is one that minimizes the effects of taxes. Be sure to make the most of the unified credit and the unlimited marital deduction – doing so will preserve the value of the property so it transfers to your beneficiaries instead of to the government.
