Gross Estate

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Related to Gross Estate: net estate, Unified tax credit

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.

Cross-references

Estate and Gift Taxes.

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If the death benefit is payable to a named beneficiary and annuitant purchased the contract (after March 3, 1931), the value of the death benefit is generally includable in his gross estate under IRC Section 2039--whether or not the right was reserved to change the beneficiary.

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Generally, the gross estate includes all property of any description and wherever located, to the extent the decedent had any interest in the property at the time of death.