Your gross estate is the fair market value of your assets on the date of your death including proceeds from life insurance policies, retirement accounts, other financial accounts, real estate, and any other property you have an interest in. If at the time of your death you own assets worth over $1 million and are an Oregon resident, or a non-resident that owns Oregon real estate, you are required to file an Oregon Estate Tax Return. If your gross estate is worth more than $2,193,00 and you are a resident of, or own real estate in, the State of Washington, you are required to file an estate tax return. Other states have other limits for filing returns. For federal state tax returns your gross estate, located anywhere, must exceed $11.58 million. If you do need to file a return, our firm can prepare and file this for you.
If you make lifetime gifts worth more than the current federal exemption amount (currently $15,000/year per person) you are required to file a federal gift tax return. The excess will then be added back to your gross estate for federal estate tax purposes only. A lifetime may reduce your taxable estate for state estate tax purpose because the gift is not added back for state purposes. We can help you plan your gifts in a manner that will minimize filing requirements. If you do need to file a return, our firm can prepare and file it for you.