What is the gross estate?

The gross estate is the total value of everything you own at death before subtracting any debts, expenses, or deductions. It includes real estate, investments, retirement accounts, life insurance you control, and business interests. The IRS uses it as the starting point for figuring out whether any federal estate tax is owed. Since the exemption is now 15 million dollars per person, most gross estates fall well below the level where tax applies.