gross estate means: This is the total amount of an individual’s assets and property before any accounting for taxes and debts. (in Stock Market Dictionary)
What else does gross estate mean?
- The gross estate includes all assets that are used in calculating whether or not an estate will be subject to state and federal estate taxes. To calculate estate taxes, you must first calculate your gross estate. This is the value after deducting all liabilities. The gross estate is basically all property that was substantially worth more than the death of the individual, which includes cash, stock, jewels, furniture and life insurance. All taxable gifts received by an individual since 1976 are included in the taxable property. When determining gross estate, the fair market value is often used. This can be done by using appraisals. Sometimes gross estate is misunderstood with probate estate. This refers to property that has to go through probate. (in Legal Dictionary)