Saint Ann Estate Lawyer, Missouri

For federal estate tax filing purposes, the total of all property owned at death, without regard to any debts or liens against the property or the costs of probate. Taxes are due only on the value of the property the person actually owned (the net estate) plus the amount of any taxable gifts made during life. In a few states, the gross estate is used when computing attorney fees for probating estates; the lawyer gets a percentage of the gross estate.

Taxes imposed by the state or federal government on property as it passes from the dead to the living. All property you own, whatever the form of ownership, and whether or not it goes through probate after your death, is subject to federal estate tax. Currently, however, federal estate tax is due only if your property is worth at least $2 million when you die. The estate tax is scheduled to be repealed for one year, in 2010, but Congress will probably make the repeal (or a very high exempt amount) permanent. Any property left to a surviving spouse (if he or she is a U.S. citizen) or a tax-exempt charity is exempt from federal estate taxes. Many states now also impose their own estate taxes or inheritance taxes.

A person elected by a profit or nonprofit corporation's board of directors, or by the manager of a limited liability company, to manage the day-to-day operations of the organization. Officers generally hold titles such as President or Treasurer. Many states and most corporate bylaws or LLC operating agreements require a corporation or LLC to have a president, secretary and treasurer. Election of a vice president may be required by state law.

A child or spouse who is not mentioned in a will and whom the court believes was accidentally overlooked by the person who made the will. For example, a child born or adopted after the will is made may be deemed a pretermitted heir. If the court determines that an heir was accidentally omitted, that heir is entitled to receive the same share of the estate as she would have if the deceased had died without a will. A pretermitted heir is sometimes called an 'omitted heir.'