The estate of any person who dies while a resident of Oklahoma, or a nonresident owning real property in Oklahoma, is subject to Oklahoma Estate Tax Laws. The fair market value of all assets at date of death or the alternative valuation date must be included in the gross estate.
All real or personal property, whether tangible or intangible, belonging to the deceased resident is included in the estate (see exclusions for spouse, below). The following are also included in determining the gross estate:
• Value of gifts made during three years prior to death, unless proof is furnished that gift was not made in contemplation of death. Credit will be allowed for gift taxes paid if such gifts are included in the estate. The three year contemplation of death provision is still in effect. (Title 68 O.S. Section 807(A)(2))
• Full value of property at date of death for transfers made while living in which the deceased retained some control.
• The full value of property owned in joint tenancy unless proof can be shown that part of the property was acquired through inheritance or moneys of the surviving joint tenant. Property owned with a spouse in joint tenancy is excluded.
• All life insurance policies owned or controlled in any manner by the deceased.
• All property must be valued at the fair cash market value, determined at time of death or six months thereafter. The assessed value for ad valorem taxes does not determine the value for estate taxes.
• Also, the remainder portion of life estates and trusts left to someone other than the surviving spouse will be in- cluded in the gross estate.