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Death Taxes

Definition - What does Death Taxes mean?

Death taxes are taxes that must be paid following the death of a person. These taxes are imposed upon the person who inherits the estate of the decedent. The value of the estate determines the amount of the tax. The federal government imposes death taxes. However, some state governments impose them as well. Death taxes usually fall under two categories: estate taxes and inheritance taxes

Justipedia explains Death Taxes

When a person dies, they often pass an inheritance down to their relatives. The terms of this exchange of property are usually laid out in a will. However, once the beneficiary receives the inheritance, they must pay a tax to the government. This is what is known as a death tax. The more valuable the inheritance is, the higher the death tax will be.

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