What Is a Gross Estate?
A gross estate consists of everything someone owns at the time of death, ranging from real estate to investment accounts. The gross estate is calculated to determine the tax liability for the estate, and it is also of interest to attorneys and accountants who specialize in handling estates, as their fees are typically based on a percentage of the gross estate. Because the law surrounding estates is extremely complicated in most regions of the world, people are usually encouraged to consult lawyers and accounting professionals in the wake of a death to ensure that the estate is handled properly.
