Family Office Definition: Taxable Estate

Taxable Estate definition:  The taxable estate is the gross estate less attorney and administrative settlement fees (funeral and other deductible expenses).  Martial deductions and charitable deductions reduce the value of the taxable estate.  Mortgage and other debt is deductible. Farm and business interests may qualify for valuation discounts. The taxable estate value is used to determine the amount of estate taxes owed.

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