Taxable estate refers to the portion of the estate that is taxable according to the laws of the state and the Federal government. The taxable portion of the estate is the estate that is left to be valued after deductions are made. Deductions can include funeral expenses, probate and attorney fees, property left to the surviving spouse, and any charitable donations made by the testator. The taxable estate includes all tangible and intangible property, real estate, investment accounts, stocks and bonds, and U.S. Savings Bonds, life insurance can often be included or excluded from the value of the account depending on who the beneficiary is on the policy.