Term
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Definition
| An amount calculated for the purpose of determining the availability of certain tax benefits (such as installment payment of estate taxes) and arrived at by reducing the gross estate by allowable debts, funeral as well as medical costs, and administrative expenses. |
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Term
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Definition
| An amount determined by subtracting the allowable deduction from the gross estate. |
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Term
| Estate Administration Expenses |
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Definition
| Expenses incurred in the collection and preservation of probate assets, the payment of estate debts, and the distribution of probate assets to estate beneficiaries. |
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Term
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Definition
| Physical damage to a decedent's property during the administration of the estate, resulting from a sudden, unexpected, or unusual force. |
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Term
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Definition
| The loss of a decedent's property, resulting from its unlawful taking by another during the administration of the estate. |
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