inheritance taxes
Death transfer duties
Inheritance taxes are levies imposed on assets received from a deceased person's estate.
The tax falls on the recipient rather than the estate itself, distinguishing it from estate taxes.
Rates often vary based on the beneficiary's relationship to the deceased—spouses and children typically pay less than distant relatives or unrelated heirs.
Several states have eliminated their inheritance taxes.
- death dutyLevy on inherited wealth
- estate taxLevy on inherited wealth
- tax loopholeLegal gap avoiding payment
- decedentLegal term for deceased
- beneficiaryDesignated asset receiver
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Government's share of earnings
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Assets amassing among few
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