In short
The gross estate includes all property in which the decedent had an interest at death, at fair market value, plus items such as life insurance the decedent owned, half of property held jointly with a spouse, and property in a revocable trust.
Key takeaways
- Life insurance policies transferred within 3 years of death are pulled back in.
- Deductions for debts, funeral and administration expenses, and marital and charitable gifts give the taxable estate.
- Assets in it generally get a basis equal to their estate tax value.
Where it's tested
REG: Trusts, Estates & Gift Tax Basics — study notes, a five-minute revision sheet and practice questions.
Practise: 3 questions
Question 1 of 3 · 0 answered
Under the One Big Beautiful Bill Act, what is the lifetime estate and gift tax exemption per individual beginning in 2026, and is it scheduled to sunset?