Family Office Definition: Incident of Ownership
Incident of Ownership definition: For tax purposes, incident of ownership is important to determine whether an asset is included as part of a taxable estate. This commonly applies to life insurance policies, financial accounts, and real property. In order to prevent from being included in the taxable estate, the deceased cannot have any legal right to control, use or benefit from the asset. The ability to influence control, such as with a spouse, may be considered an incident of ownership.
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