A taxable estate is the assets from a deceased person that have been left behind and are subject to taxation. There are a lot of assets that can be considered a taxable estate. It isn’t just property that’s subject to taxation.
Real estate that’s jointly owned with a spouse is subject to taxation after one spouse’s death. The ownership of any property jointly held is considered to be a 50/50 split so 50% of any property is subject to taxes. If it can’t be proven that the deceased didn’t own the whole property the entire estate is subject to taxation.
Investments such as stocks and bonds or cash you’d find in a savings or checking account is considered a taxable estate. You can buy life insurance policies to pay for the taxable estate, but even that payout can be considered a taxable estate. Assets in a retirement account can also be considered a taxable estate. A trust can be considered a taxable estate if the deceased had direct control over it.
There are certain ways to arrange your assets to minimize the taxation after death on them. There are retirement savings plans that are available that exclude them from being considered a taxable estate. If you want to learn more about reducing your taxable assets you should see a financial planner.