gross estate

gross estate
gross estate see estate 3a

Merriam-Webster’s Dictionary of Law. . 1996.

gross estate
For the purpose of determining whether or not an estate must file a federal estate tax return, the total of all property someone owned at death, without regard to any debts or liens against the property or the costs of probate. Taxes are due only on the value of the property the person actually owned (the net estate) plus the amount of taxable gifts made during the last three years of life. In a few states, the gross estate is used when computing attorney fees for probating estates; the lawyer gets a percentage of the gross estate.
Category: Wills, Trusts & Estates → Estate Tax

Nolo’s Plain-English Law Dictionary. . 2009.

gross estate
All the real and personal property owned by a decedent at the time of his or her death.

Dictionary from West's Encyclopedia of American Law. 2005.

gross estate
All the real and personal property owned by a decedent at the time of his or her death.

Short Dictionary of (mostly American) Legal Terms and Abbreviations.

Look at other dictionaries:

  • gross estate — Income subject to federal income The property owned by a decedent that will be subject to the Federal estate It can be distinguished from the probate estate which is property actually subject to administration by the administrator or executor of… …   Black's law dictionary

  • Gross Estate — The total dollar value of all property and assets in which an individual had an interest at the time of his or her death. The gross estate figure is commonly produced for federal income tax purposes. It does not include any deductions for… …   Investment dictionary

  • gross estate — noun the total valuation of the estate s assets at the time of the person s death • Hypernyms: ↑estate …   Useful english dictionary

  • gross estate — The total value of a person s property and assets before accounting for debts, taxes, and liabilities ( liability). Bloomberg Financial Dictionary …   Financial and business terms

  • gross estate of decedent — The value of all property left by a decedent, determined as of the date of death. For federal tax: the value of all property to the extent of the decedent s interest therein at the time of his death; virtually all property transferred either by… …   Ballentine's law dictionary

  • adjusted gross estate — The gross estate less I.R.C. No.No. 2053 and 2054 expenses equals the adjusted gross estate. Generally, I.R.C. No.No. 2053 and 2054 expenses include administration expenses, debts of the decedent, and losses incurred during the settlement of the… …   Black's law dictionary

  • Adjusted Gross Estate — The net worth of the deceased s estate after deducting the cost of any outstanding debts and admistrative costs associated with the individual. The adjusted gross estate is also the value in which estate taxes are levied upon. For example, assets …   Investment dictionary

  • estate — es·tate /i stāt/ n [Anglo French estat, literally, state, condition, from Old French, from Latin status, from stare to stand] 1: the interest of a particular degree, nature, quality, or extent that one has in land or other property compare fee;… …   Law dictionary

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