Gross estate equals the decedent’s fair market value interests at death, often leading to Form 706 reporting. Key inclusions: life insurance, revocable trusts, recent gifts, and joint interests. Alternate valuation is possible six months later if it lowers tax. The 2025 exemption is $13,610,000 per person; executors should inventory assets, obtain appraisals, verify insurance ownership, and consider portability elections.
