[Verse 1] When someone passes away, the taxman comes to play Looking at the gross estate, what's included on that day Twenty thirty one through forty six, the sections tell the tale Of property that's counted up when life has come to fail [Chorus] Estate tax computation, with the unified credit too Marital and charitable deductions help you through DSUE portability, remember this refrain The unused exclusion follows when a spouse has died in vain [Verse 2] Revocable transfers, that's section thirty eight Retained interests thirty six, sealed by your estate's fate Joint interests forty, life insurance forty two Powers of appointment, forty one will see you through [Chorus] Estate tax computation, with the unified credit too Marital and charitable deductions help you through DSUE portability, remember this refrain The unused exclusion follows when a spouse has died in vain [Verse 3] Sixty one sixty six lets business owners wait Deferring tax on closely held when it's their time to pay Twenty thirty two A gives farms a special break Valuation at current use, not what developers would take [Bridge] Step up basis at death, ten fourteen is the key Cost basis jumps to fair value for the heir's property Planning opportunities arise when assets change their base Tax strategies unfold in this inherited space [Verse 4] Debts and expenses lower what the government will take Twenty fifty five and fifty six, deductions you can make Charitable gifts reduce the tax, marital ones do too Unlimited between the spouses, that's the golden rule [Chorus] Estate tax computation, with the unified credit too Marital and charitable deductions help you through DSUE portability, remember this refrain The unused exclusion follows when a spouse has died in vain [Outro] From gross estate to final tax, these rules will guide your way Estate planning starts today for your eventual final day
← 1 Executive Compensation | 3 Generation-Skipping Transfer Tax (GSTT) →