What is the gross estate amount for a decedent with $400,000 in her name, $150,000 home jointly, and $100,000 life insurance policy?

The gross estate amount includes all assets owned by the decedent at the time of death, as well as certain jointly held assets and life insurance proceeds that are payable to the estate.

In this scenario, the assets listed are:

1. The decedent's individual assets totaling $400,000.

2. A jointly held home valued at $150,000. Since it is jointly owned, typically only a portion (usually half) of its value is included in the gross estate for estate tax calculations unless specified otherwise by state laws or arrangements.

3. A life insurance policy worth $100,000 that is payable to the decedent's estate.

When calculating the gross estate, we add together these amounts:

• The decedent's individual assets: $400,000

• One-half of the jointly held home: $150,000 / 2 = $75,000

• The life insurance policy: $100,000

Adding these values together gives:

$400,000 (individual assets) + $75,000 (joint home) + $100,000 (life insurance) = $575,000.

Therefore, the correct gross estate amount is $575,000, which aligns with the provided answer. This value is significant