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gross estate |
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Gross estate The total value of a person's property and assets before accounting for debts, taxes, and liabilities.
Gross Estate In estate tax, the sum total value of a decedent's assets plus certain additions before any applicable tax credits or deductions. Gross estate includes, but is 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. See also: Taxable estate. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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2041 (regarding the inclusion in a decedent's gross estate of property over which he or she had a GPA). A gross estate includes the fair market value of all of the decedent's property IRAs are part of the gross estate, but beneficiaries of inherited IRAs do not report taxable income until after they receive distributions. Under the Trust's terms, G retains no beneficial interest in, or power over, Trust income or corpus that would cause the transfer to Trust to constitute an incomplete gift for federal gift tax purposes--or that would cause the corpus to be included in G's gross estate for federal estate tax purposes on G's death. |
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