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Gross Estate

   Also found in: Dictionary/thesaurus, Financial 0.04 sec.

All the real and Personal Property owned by a decedent at the time of his or her death.

The calculation of the value of the gross estate is the first step in the computation that determines whether any estate tax is owed to federal or state governments. Federal and state laws define gross estate for purposes of taxation. Under federal law, the gross estate includes proceeds of life insurance policies that are payable to the decedent's estate, as well as policies to which the decedent retained "incidents of ownership" until his or her death, such as the right to change beneficiaries or to borrow against the cash surrender value of the policy.

Cross-references

Estate and Gift Taxes.



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? Mentioned in ? References in periodicals archive
 
2041 (regarding the inclusion in a decedent's gross estate of property over which he or she had a GPA).
TC upholds GSTT Regs by Ransome, Justin / The Tax Adviser
A gross estate includes the fair market value of all of the decedent's property IRAs are part of the gross estate, but beneficiaries of inherited IRAs do not report taxable income until after they receive distributions.
Can estate reduce IRAs' value for tax purposes? by Reichert, Charles J. / Journal of Accountancy
Under the Trust's terms, G retains no beneficial interest in, or power over, Trust income or corpus that would cause the transfer to Trust to constitute an incomplete gift for federal gift tax purposes--or that would cause the corpus to be included in G's gross estate for federal estate tax purposes on G's death.
Defective grantor trusts: new IRS ruling enhances estate planning by Josephs, Stuart R. / California CPA
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