Adjusted Gross Estate

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Adjusted Gross Estate

In estate tax, the sum total value of a decedent's assets plus certain additions, less the total value of all debts. Assets included in the adjusted gross estate include, but are not limited to: property (including community property and all savings), certain types of gifts made in the last three years of the decedent's life, property or income transferred before death but under which the decedent maintained use and/or enjoyment, revocable transfers, life insurance, and pensions and annuities with death benefits. The debts include mortgages, loans, liens, and other liabilities. If the value of the adjusted gross estate exceeds $1 million, it is subject to the estate tax. See also: Taxable estate.
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