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Gross Estate

   Also found in: Dictionary/thesaurus, Financial 0.01 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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even if the state law has specified a specific percentage of the gross estate as the normal fee.
Last Will and Testament What Does the Personal Representative Get? by Lorabella / Law community
On April 30, the IRS issued proposed regulations providing guidance on the portion of trust property includible in the grantor's gross estate if the grantor has retained certain interests in the property (REG-119532-08).
Prop. regs. on graduated retained interests under Sec. 2036 by Nevius, Alistair M. / The Tax Adviser
Tax shelters can be used and you have to make sure the total of your gross estate is known at the market value.
Inheritance Tax Planning - the Tax Man Cometh - Stop Him NOW by Sean L Williams / Finance and Investment community
 
 
 
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