Gross Estate: Is Everything the Decedent Ever Owned Included?
Start with what the decedent owned or controlled at death under federal transfer-tax rules.
Common inclusions
The gross estate can include interests in cash, securities, real estate, business interests, retirement assets, certain life-insurance proceeds, jointly held property, and other assets depending on the facts.
Life insurance
Inclusion can depend on ownership, incidents of ownership, beneficiary arrangements, and other applicable rules.
Joint property
Joint ownership requires analysis of who contributed consideration, the owners' relationship, and the applicable statutory rule.
Deductions
The taxable estate can be reduced by qualifying debts, administration expenses, marital deduction, charitable deduction, and other allowable items.
The takeaway
Gross estate is broader than probate property. Federal transfer-tax inclusion rules control.
Related Summit guides
FAQ
Is jointly owned property automatically excluded?
No.
Can life-insurance proceeds enter the gross estate?
Yes, depending on the facts.
Can the marital deduction reduce taxable estate?
Potentially, subject to applicable rules.