Laws Lawyers Find Laws Legal Forms State Laws Bills
Home » Find Laws » Tax Laws » Inheritance » Inheritance Tax Law at a Glance

Inheritance Tax Law at a Glance

Listen
In the United States, many states have established inheritance tax law, which allows the state to collect an inheritance tax on certain assets inherited by an individual following the death of a benefactor. When an individual inherits property and assets, the inheritance will be taxed. As a result, the state will receive a specified portion of the inheritance and the beneficiary will not receive the total amount left to him/her. Each state maintains unique inheritance tax laws, and therefore, the associated regulations vary significantly from one state to another. Generally, an inheritance tax is only warranted if the assets inherited value a specified amount. Therefore, only large estates and inheritances are subject to inheritance tax. Inheritance tax functions on the state level, while estate tax operates on the federal level. An individual should be aware of the inheritance tax law in his/her state when planning his/her estate, or when inheriting assets from a benefactor.
Font Size: AAA
Loading...
  • Play
  • Pause
  • Volume:
  • Mute
  • Half
  • Max
  • Inheritance Tax Law

    Popular In Tax

    Tax Attorney   Tax Attorneys   Tax Lawyer   Tax Lawyers  

    In the United States, many states have established inheritance tax law, which allows the state to collect an inheritance tax on certain assets inherited by an individual following the death of a benefactor. When an individual inherits property and assets, the inheritance will be taxed. As a result, the state will receive a specified portion of the inheritance and the beneficiary will not receive the total amount left to him/her.

    Each state maintains unique inheritance tax laws, and therefore, the associated regulations vary significantly from one state to another. Generally, an inheritance tax is only warranted if the assets inherited value a specified amount. Therefore, only large estates and inheritances are subject to inheritance tax. Inheritance tax functions on the state level, while estate tax operates on the federal level. An individual should be aware of the inheritance tax law in his/her state when planning his/her estate, or when inheriting assets from a benefactor.

    NEXT: Inheritance Trusts at a Glance

    Related Articles

    Link To This Page

    Comments

    Find Accountant

    POPULAR IN TAX

    Know the Types of Tax Credits
    TAX
    Know the Types of Tax Credits
    History of the Federal Insurance Contributions Act
    TAX
    History of the Federal Insurance Contributions Act
    Guide to Finding a Lawyer
    Tips