The combined state and federal taxes levied against one's total estate including real property at death, payable within nine months and before distribution to the heirs. For any estate worth more than the allowable exemption ($675,000 in 2001), federal taxes can be as high as 55%. Under the federal tax reform act passed in April 2001, the exemptions and rates are scheduled to change over the next several years to reduce the amount of estate taxes, but for large estates tax rates will continue to be substantial in the years to come.
Estate taxes are taxes that your beneficiaries may be required to pay by state and federal agencies in order to legally receive assets that you leave them after your death. Estate taxes can be legally reduced with wise estate planning.
(federal) - The death taxes imposed by the federal government on the transfer of assets on death. The taxes are generally paid by the executor of the estate out of estate assets.
Taxes imposed on the "privilege" of transferring property by reason of death. Estate tax is most commonly used in reference to the tax imposed by the Federal Government rather than the state government. See Death Taxes.
An estate is subject to two kinds of taxes: Federal Estate Tax and State Death Tax. These taxes apply to money and assets passed to heirs.
vary depending on the value of property transferred at death and may include federal and state estate taxes. For more details on the cost of federal estate taxes click here.
Taxes that may be assessed on your estate when it transfers to non-charitable beneficiaries.
A tax imposed on the right to transfer property at death; the tax is imposed on the decedent's estate and not on the recipients of the property. A tax, which is based upon the receipt, rather than the transfer, of a decedent's property, is called an inheritance tax.
Federal or state taxes on the value of assets left at death. Also called inheritance taxes or death taxes.
These are federal taxes that are charged against all estates upon the death of an individual. They are also known as death taxes, and are sometimes incorrectly referred to as probate taxes. Although all estates are required to pay estate taxes, everyone is also entitled to an exemption from estate taxes in a certain amount. In 1998, the federal exemption limit for 1999 is $650,000. It will increase to $1 million by 2006. The net result of the exemption is that estates worth less than $650,000 (in 1999) will not incur any estate taxes.
IRS tax rates that apply to the estate after the death of the holder. Currently estates are taxed on any amount in excess of $1 million. Often portfolios are managed to reduce this substantial tax burden.
Government taxes which are collected from a person's estate (real and personal property) when he/she dies.
The tax on the estate of an heir when the deceased's estate passes to him or her through a will.
The Federal taxes levied on the transfer of property from the deceased to his or her heirs, legatees or devisees.
federal death taxes on the assets and other holdings that make up the taxable base of the deceased
A tax on the transfer of wealth to successive generations. The brackets top out at 55%, and get to that point relatively quickly. The use of a person's unified credit, avoids estate tax for the first $600,000 of assets. Estate taxes are usually due within 9 months of death. Estate taxes are unified with the Federal Gift Tax.
Federal or state taxes on the value of the property left at death; often called inheritance tax or death tax.
Taxes on the money and property left by someone who has died.
Federal taxes on a decedent's real and personal property.
Taxes imposed by the state or federal government on property as it passes from the dead to the living. All property you own, whatever the form of ownership, and whether or not it goes through probate after your death, is subject to federal estate tax. Currently, however, federal estate tax is due only if your property is worth at least $2 million when you die. The estate tax is scheduled to be repealed for one year, in 2010, but Congress will probably make the repeal (or a very high exempt amount) permanent. Any property left to a surviving spouse (if he or she is a U.S. citizen) or a tax-exempt charity is exempt from federal estate taxes. Many states now also impose their own estate taxes or inheritance taxes.
Federal estate taxes and state inheritance taxes (as well as the debts of decedents) are general, statutory, involuntary liens that encumber a deceased person's real and personal property. These are normally paid or cleared in probate court proceedings. (See inheritance taxes, lien)
Taxes levied by federal and state governments on the transfer of your assets after you die.