Adjusted Gross Estate

Trigger warning: we're going to talk about death here for a minute. And if that's not bad enough, we'll also mention taxes a bit at the end. (Cue Ben Franklin reference.)

When you die (assuming you're not a Time Lord or a Highlander), all your leftover stuff goes into a big pile. That's called your estate.

Theoretically, your heirs get your estate. (Those are the people who occasionally sent you birthday cards over the last few years, though they were always a little too busy to call.) However, they don't get all of it. Some stuff comes off the top, starting with some basic expenses. These include funeral expenses, expenses related to administration of the estate, and claims from creditors.

Once these items are accounted for, the amount left in the pile is called your Adjusted Gross Estate. This is the amount that the grey-suited pencil-pushers at the IRS will look at when they determine the estate tax owed. Or maybe they will be wearing zoot suits and pushing quill pens.