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Taxable Estate

The total value of a person's assets (money, property, investments) that is subject to federal estate taxes after certain deductions and exemptions have been applied upon their death.

Bequest

A gift of personal property or money left to someone or an organization in a will or estate plan after the giver's death.

Exempt Organization

A non-profit group recognized by the IRS that does not have to pay federal income tax. These organizations are categorized by different sections of the tax code, such as 501(c)(3) for charities or 501(c)(4) for social welfare groups.

Internal Revenue Code (IRC)

The official body of law that covers all federal tax regulations in the United States.

Gross Estate

The total value of all assets a person owns at the time of their death before any deductions or exemptions are taken into account.

501(c)(4) Organizations

Tax-exempt groups primarily engaged in promoting social welfare, such as civic leagues or neighborhood associations, which may also engage in some political activity.

501(c)(5) Organizations

Tax-exempt groups that are labor, agricultural, or horticultural organizations, like labor unions or farmer co-ops.