Taxable Estate
The total value of a deceased person's assets that are subject to taxation - minus liabilities and minus the prescribed tax-deductible portion of assets left behind by the deceased. Investopedia Says:
The following items can be deducted to determine the taxable portion of the estate: funeral expenses paid out of the estate, debts owed by the deceased at the time of death and value of the assets passed on to the deceased's spouse. The taxes imposed on the taxable portion of the estate are then paid out of the estate itself. Related Terms:
Asset
Beneficiary
Estate Planning
Estate Tax
Grantor Retained Annuity Trust - GRAT
Gross Estate
Intentionally Defective Grantor Trust - IDGT
Irrevocable Trust
Liability
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