The word estate is colloquially used to refer toall of the land and improvements on a vast property,often some farm or homestead,or the historic home of a prominent family.
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What does estate mean in legal terms?
Related to estate: estate tax, Estate planning, Probate estate Estate The degree, quantity, nature, and extent of interest that a person has in real andPersonal Property. Such terms as estate in land, tenement, and hereditaments may also be used to describe an individual’s interest in property.
What is the meaning of estate planning?
The estate includes a person’s belongings, physical and intangible assets, land and real estate, investments, collectibles, and furnishings. Estate planning refers to the management of how assets will be transferred to beneficiaries when an individual passes away.
What is the definition of a taxable estate?
Financial Definition of taxable estate. A taxable estate is the portion of a person’s net assets that are taxable upon his or her death. An estate tax is often levied on the assets that the deceased leaves to his or her heirs. Living spouses who inherit their husband/wife’s assets can avoid estate taxes altogether.
Do you have an estate?
Believe it or not, you have an estate. In fact, nearly everyone does. Your estate consists of everything you own: your car, home, other real estate, checking and savings accounts, investments, life insurance, furniture, personal possessions.