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Breaking Down the Oregon Estate Tax | Southwest Portland Law Group
People are often confused about what assets make up their estate, and how the Oregon estate tax applies to those assets. Below, we delve into these issues to help you better understand whether or not your estate will pay a tax after you die. What Assets are Included in Your Estate? A person's estate consists of everything they own during their lifetime, in addition to any sums paid out at death (such as life insurance policies). Estate assets can be physical assets such as household furnishings, intangible items such as investment accounts, or real property ownership or rights of use. All of these things you own make up your "net estate." In contrast, the term "gross estate" means the fair market value of your estate after subtracting any debts owed. Estate Tax v. Inheritance Tax Estate and inheritance taxes are colloquially lumped together as "death taxes." Both refer to taxes that are assessed as a result of a person's death. However, the important difference between the two is who