Maine Revenue Services: Estate Tax FAQ Detail

21. According to 36 M.R.S.A. § 4064, Maine property in a trust, LLC or pass-through entity is included in the estate of a nonresident decedent. What Maine property held by the trust, LLC or pass-through entity is includible in the gross value of property?

Generally, all Maine property held by a pass-through entity is included in a nonresident decedent’s estate, unless it meets two tests: 1) the property was transferred for full and adequate consideration for a valid business purpose; and 2) the pass-through entity carries on a business for the purpose of profit and gain. See MRS Rule 601 for further, more comprehensive information.

(Rev. 1/23/08)

Bureau Information

21. According to 36 M.R.S.A. § 4064, Maine property in a trust, LLC or pass-through entity is included in the estate of a nonresident decedent. What Maine property held by the trust, LLC or pass-through entity is includible in the gross value of property?