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Though the federal estate tax is based on a decedent's assets, it is the beneficiaries who really pay the price. But the estate tax is not limited to assets in the probate estate of a deceased individual. Some or all of the transfers made during their lifetime are drawn back into what's called the "gross estate" for estate tax... more »
Consider carefully the tax ramifications before liquidating your IRA. While most IRA owners take periodic distributions instead of lump-sum payments from an IRA during retirement, some people may reconsider lump-sum distributions during economic downturns. Furthermore, beneficiaries may be required to fully liquidate an IRA after an... more »
Inheritance is the transfer of property, cash and other assets from a deceased person to relatives and colleagues. A responsible individual lays out this transfer in a last will and testament, giving lawyers a clear path to liquidating the estate. While an inheritance can help surviving children and spouses take care of living... more »
The Central American nation of Panama is a top retirement destination because of its lush forests, white sand beaches and tropical climate. It also has the most favorable legal structures for foreign investment and ownership of property. Of course, low costs, low crime and a vibrant culture, mixing Spanish, African, Amerindian and... more »
The estate and inheritance tax are often misinterpreted as being the same tax, commonly referred to as the "death tax." The estate tax is a federal tax on an estate worth more than $2 million (increased to $3.5 million for 2009). An inheritance tax is a state tax on the portion inherited by the individual. Some states do not impose an... more »
Inheritance tax, also called the estate tax, is a type of tax levied by the government on assets greater than £275,000 in the UK and $3.5... more »
Inheritance tax is a controversial topic for many taxpayers. Many people think that, if you paid taxes on your money while you were living, the... more »
Inheritance taxes are state taxes levied on property that someone leaves to you in his will. When you inherit property, you are responsible for... more »
Most people have imagined what they would do with a sudden windfall. These musings usually involve paying off debts and make luxurious purchases.... more »
:Estate tax and Death duty redirect here.
Inheritance tax, estate tax and death duty are the names given to various taxes which arise on the death of an individual. It is a tax on the estate, or total value of the money and property, of a person who has died. In international tax law, there is a distinction between an estate tax and an inheritance tax: an estate tax taxes the personal representatives of the deceased, while an inheritance tax taxes the beneficiaries of the estate. However this distinction is not always respected. For example, the "inheritance tax" in the UK is a tax on personal representatives, and is therefore, strictly speaking, an estate tax.
*In some jurisdictions, such taxes are known as inheritance tax:
**The Republic of Ireland (where it is a tax on beneficiaries).
**The United Kingdom: see Inheritance tax (United Kingdom).
**Some states of the United States: see Inheritance tax at the state level:
***IA - Iowa
***IN - Indiana
***KY - Kentucky
**** In Kentucky, the inheritance tax is a tax on a beneficiarys right to receive property from a decedents estate. It is imposed as a percentage of the amount transferred to the beneficiary. Currently, transfers to "Class A" relatives—spouses, parents, children, grandchildren, and siblings—are exempt from inheritance tax. Transfers to "Class B" relatives—nieces, nephews, daughters- and sons-in-law, aunts, uncles, and great-grandchildren—are taxed at a lower rate than transfers to "Class C" recipients, defined as anyone not falling within Class A or B.Kentucky>
***MD - Maryland
***NE - Nebraska
***NJ - New Jersey
***OK - Oklahoma
***PA - Pennsylvania
***TN - Tennessee
*In some jurisdictions the term used is estate tax:
**The United States: see Estate tax in the United States.
*** Many states within the United States. Kentucky imposes an estate tax in addition to its inheritance tax.Kentucky/>
*In some jurisdictions the term used is deat read more at » http://en.wikipedia.org/wiki/Inheritance+tax
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