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Noun

gross estate - the total valuation of the estate's assets at the time of the person's death

estate - everything you own; all of your assets (whether real property or personal property) and liabilities

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References in periodicals archive

The gross estate of the decedent consists of an accounting of everything your client owns or has certain interests in at the date of death (Refer to Form 706 at www.irs.gov/pub/irs-pdf/f706.pdf) The fair market value of these items is used, not necessarily what was paid for them or what their values were when acquired.

Time to repeal? It's unclear whether estate tax will be repealed in 2010

Similarly, qualified pension plans are no longer excluded from a decedent's gross estate. (41)

The estate tax non-gap: why repeal a "voluntary" tax?

11 (2005)], the Tax Court ruled that the value of individual retirement accounts (IRA) in the gross estate could not be reduced by the anticipated income taxes paid by the beneficiaries following the distribution of the assets in the IRAs.

IRAs in the gross estate not reduced for income taxes

To calculate your estate tax liability, first you'll need to have calculated your adjusted gross estate (AGE).

Estate Tax Liability

Planning objectives you may want to focus on include transferring control to appropriate successors, reducing gross estate, retaining assets that will provide adequate retirement income, transferring future appreciation in the value of the business, and providing liquidity for the estate.

The business of keeping the family business

This area becomes more troublesome when three-way JTWROS ownership of property is involved in the gross estate of a decedent spouse.

Joint ownership of property: two's company, but is three a crowd?

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