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A transfer-on-death account is an arrangement that allows the assets held within a ... a TOD account does not inherently provide tax benefits or protections against estate or inheritance taxes.
However, some states have their own estate or inheritance taxes with much lower thresholds — for example, Massachusetts taxes estates over $2 million if the death occurred after January 2023.
The amount of tax charged for an inheritance tax depends on the amount of the inheritance and the beneficiary’s relation to the deceased. Inheritance Tax vs. Estate Tax
Inheritance taxes are paid not by the estate of the deceased, but by the inheritors of the estate. For example, the Kentucky inheritance tax "is a tax on the right to receive property from a decedent's estate; both tax and exemptions are based on the relationship of the beneficiary to the decedent." [52]
Other tax-advantaged alternatives to leaving property, outside of a will, include qualified or non-qualified retirement plans (e.g. 401(k) plans and IRAs) certain "trustee" bank accounts, transfer on death (or TOD) financial accounts, and life insurance proceeds.
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