estate and inheritance taxes
Estate and inheritance taxes are financial obligations imposed by the government on the assets and wealth that a person leaves behind after their death. Estate tax is levied on the overall value of the deceased person's estate, including real estate, investments, and possessions. Inheritance tax, on the other hand, is applied to the assets inherited by the individual beneficiaries from the estate of the deceased. These taxes aim to generate revenue for the government from the transfer of significant wealth from one generation to another.
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Related Concepts (21)
- asset valuation
- capital gains tax
- charitable giving
- estate planning
- estate tax deductions
- estate tax rates
- family business succession
- federal tax laws
- generation-skipping transfers
- gift tax
- government revenue
- inheritance planning
- intestate succession
- probate process
- state tax laws
- tax brackets
- tax exemptions
- tax planning
- trusts and estates
- wealth preservation
- wealth transfer