Tax imposed by the federal government that can be in excess of 55 percent and that is imposed by some state governments.
A tax imposed on the privilege of receiving property by inheritance or legal succession and assessed on the value of the property received. It can also refer to a tax imposed on the right to transfer property by inheritance and assessed on the net value of a deceased’s estate before distribution to the heirs. SUCH A TAX DOES NOT EXIST IN QUEENSLAND
Colloquial reference to the federal estate tax. The estate tax is based on the fair market value of property, less any liabilities, at the time of the owner's death. Tax returns do not have to be filed for estates under a certain value.