Here is how to calculate the value of your estate:
Include these items when adding up your estate’s assets:
- Stock portfolio
- Cash in savings or checking accounts
- Real Estate (fair market values)
- Businesses you own
- Proceeds of life insurance policies owned by you on your life or the life of another person
- Retirement plans
- Annuities to be paid upon your death
- Debts owed to you by others
- Personal property: jewelry, automobiles, etc.
Your debts are subtracted to yield your net estate. The size of your estate determines whether or not estate tax returns will be needed.