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The taxable estate is generally the value of everything you own or control at the
time of death, less the permissible deductions, such as
funeral expenses.
The following is from the
IRS site, which has much more detail:
Your taxable estate is your gross estate
less allowable deductions.
Gross Estate
Your gross estate includes the value of all property in which you
had an interest at the time of death. Your gross estate also will
include the following:
1) Life insurance proceeds payable to
your estate or, if you owned the policy, to your heirs, (When
is life insurance subject to the federal estate tax? Read more
here.)
2) The value of certain annuities
payable to your estate or your heirs,
3) The value of certain property you
transferred within 3 years before your death,
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4) Trusts or other interests established
by you or others in which you have certain powers.
Taxable Estate
The allowable deductions used in determining your taxable estate
include: Funeral expenses paid out of your estate and debts you owed
at the time of death.
The marital deduction is subtracted by
the Federal Estate Tax Calculator above. This amount is generally
the value of all the property that passes from your estate to your
surviving spouse
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