The estate tax is a tax imposed on the transfer of the “taxable estate” of every decedent who is a citizen or resident of the United States. Â This applies whether such property is transferred via a will, according to the state laws of intestacy or otherwise made as an incident of the death of the owner, such as a transfer of property from an intestate estate or trust, or the payment of certain life insurance benefits or financial account sums to beneficiaries. Â The estate tax is one part of the Unified Gift and Estate Tax system in the United States. Â The other part of the system, the gift tax, imposes a tax on transfers of property during a person’s life; the gift tax prevents avoidance of the estate tax should a person want to give away his/her estate.
Estate Tax in the United States
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