Gross Estate

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Related to Gross Estates: net estate, Taxable estate

Gross Estate

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.


Estate and Gift Taxes.

West's Encyclopedia of American Law, edition 2. Copyright 2008 The Gale Group, Inc. All rights reserved.
References in periodicals archive ?
Figures E and F divide these wealthy decedents into two size of gross estate categories, those with gross estate of at least $3.5 million but under $20.0 million, and those with gross estate of $20.0 million or more, as the bequest patterns for the wealthiest decedents were significantly different from those of their less wealthy counterparts.
In each year, the wealthiest decedents who made charitable bequests left between 33.7 percent and 44.6 percent of gross estate to charity, compared to a range of 24.0 percent to 26.7 percent of gross estate for wealthy decedents with smaller estates.
(63) Data is not available showing the amount of transfer taxes avoided with the use of QPRTs, but in 2006, the largest estates (gross estates in excess of $20 million) reported personal residences with a total value of $1.45 billion, equaling 2.6% of the gross estate.
Decedents employed in financial and management occupations had the highest average gross estates, $6.1 million and $5.8 million, respectively.
stocks, bonds or mutual funds, these items most likely will be includible in their gross estates, whether or not they are domiciled in the U.S.
In this article, liquid assets include cash, State and local bonds, Federal Government bonds, publicly traded stock, and insurance on the life of the decedent owned by the decedent and included in the total gross estate. As the following sections of the article will show, estates that claimed any of the three business provisions had, on average, significantly less liquidity than estates that did not claim a provision.
Further, no deduction for estate taxes paid attributable to the installment receivable was available, because the receivable was not includible in the decedent's gross estate.[17]
2040 would have included only one-half of the property in the decedent's gross estate.
In 1995, 78,023 individuals died with gross estates at or above the Federal estate tax filing threshold of $600,000.
The Tax Court held that the trust was fully includible in the decedent's gross estate under Sec.
In addition, the total gross estate in the United States of those who filed increased from approximately $50.8 million in 2001 to almost $53.3 million in 2002.
total gross estate increased to almost $1.5 million, and net estate tax liability rose to about $30.8 million.