What is the term for the decedent's gross estate for federal estate tax purposes including property owned with right of survivorship?

The term that refers to the decedent's gross estate for federal estate tax purposes, which includes property owned with a right of survivorship, is known as the Gross Estate. This encompasses all assets and interests that the decedent owned at the time of death, including those that automatically pass to a surviving co-owner, like in cases of joint tenancy.

Understanding the concept of Gross Estate is essential because it is the total value of all the decedent’s assets that are subject to estate tax, which may include real estate, bank accounts, investments, and any other property. This total is calculated before any deductions for debts, funeral expenses, and other allowable expenses are taken into account. The accurate assessment of the Gross Estate is crucial for determining the estate tax owed, as it provides a true picture of the deceased's financial circumstances at the time of death.

The other terms, such as Elective Share, Testamentary Estate, and Probate Estate, refer to different legal concepts that do not specifically define the total estate for tax purposes. The Elective Share pertains to a surviving spouse's right to claim a portion of the estate, the Testamentary Estate deals with assets distributed according to the will, and the Probate Estate includes assets subject to the probate process.