Valuing a business requires help from a qualified business appraiser. And it should be done as quickly as possible after the death of the business owner. Art also requires specialized appraisers as does real estate. For example, certain rights or powers under a trust may be treated as an asset of the deceased. In some cases, certain types of jointly owned property are part of the estate.
Special exemptions are available for some assets such as a family farm or an ongoing business.
The value of any gifts made before death need to be considered. Transfers of life insurance policies to an insurance trust within three years before the death of the insured may be included in the estate of the insured. In general, all life insurance proceeds on policies owned by the deceased are included in his or her estate even though the benefits are paid directly to a beneficiary. Other assets that pass to a named beneficiary, such as annuity contracts or undistributed retirement plan assets, will need to be valued as part of the taxable estate. These assets must be valued at the date of death.