Assume my estate is worth 3.2 million and my home is worth 2.2 million say. So of I pass away now, I will owe estate taxes in WA on 3.2 million. If I have made a TOD on my home and it passes to my daughter on my passing. For estate tax purposes, is my estate worth 1 million or still 3.2 million after my passing? In other words, does the TOD reduce the value of my estate for estate tax purposes? Many thanks.
Assume my estate is worth 3.2 million and my home is worth 2.2 million say. So of I pass away now, I will owe estate taxes in WA on 3.2 million.
If I have made a TOD on my home and it passes to my daughter on my passing. For estate tax purposes, is my estate worth 1 million or still 3.2 million after my passing? In other words, does the TOD reduce the value of my estate for estate tax purposes?
Many thanks.