What is an Estate Tax?
The estate tax is a tax on the transfer of property after a person dies. It consists of an account of everything the decedent owned or had interest in on the date of death. This includes cash and securities, real estate, insurance, trusts, annuities, business interests, and other assets. The tax is based on the fair market value of these assets (less certain exclusions). This is generally as of the day the decedent died.