However, the value of custodianship property is included in a donor s gross estate if the donor dies while serving as the custodian.
12.
Funeral & Medical Expenses-- BREAKER As before, only 5 % of the gross estate can be considered as funeral expenses and it should in no case exceed P200, 000.
13.
Funeral & AMP; Medical Expenses-- BREAKER As before, only 5 % of the gross estate can be considered as funeral expenses and it should in no case exceed P200, 000.
14.
Diana's 21, 711, 485 pound ( dlrs 35.6 million ) gross estate comprised shares, jewelry, cash-including her 17 million pound ( dlrs 28 million ) divorce settlement-dresses and other belongings at Kensington Palace.
15.
As noted above, life insurance benefits may be included in the gross estate ( even though the proceeds arguably were not " owned " by the decedent and were never received by the decedent ).
16.
Diana's 21, 711, 485 pound ( dlrs 35 . 6 million ) gross estate comprised shares, jewelry, cash-including her 17 million pound ( dlrs 28 million ) divorce settlement-dresses and other belongings at Kensington Palace.
17.
In assessing a deficiency in her estate tax returns, the Internal Revenue Service argued ( successfully ) that Virginia Andrews's name was a valuable commercial asset, the value of which should be included in her gross estate.
18.
All property held jointly with a surviving noncitizen spouse is considered to belong entirely to the gross estate of the deceased, except for the extent the executor can substantiate the contributions of the noncitizen surviving spouse to the acquisition of the property.
19.
A final rather unusual advantage of the assets in a 529 plan is that although they can be reclaimed by the donor ( subject to income tax and the 10 % additional penalty on any gains ) the assets are not counted as part of the donor's gross estate for estate tax purposes.
20.
America's estate tax is levied at a high rate ( a marginal rate of 55 percent for the biggest estates ), but it kicks in only after a sizeable exemption ( in effect, the first $ 1.35 million of gross estate per couple, rising to $ 2 million by 2006, goes untaxed ).
