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In most states with an inheritance tax, spouses and immediate family of the deceased are exempt from inheritance tax. But distant relatives and other beneficiaries may have to pay a higher ...
Each state has different rules and exemption amounts. Inheritance tax rates: ... (children, grandchildren) pay a 4.5% tax, siblings pay 12% and more distant heirs or unrelated inheritors pay 15% ...
Inheritance tax is a tax on the ... The amount of tax and the rules for when it applies can change depending on the country or region. ... The rate is 11% for assets valued over $40,000 left to ...
Top tax rates range from 4.5 percent (Pennsylvania on lineal heirs) to 18 percent (Nebraska on collateral heirs). One state— Maryland —imposes both types of taxes, but the estate tax paid is a credit against the inheritance tax, so the total tax liability is not the sum of the two, but the greater of the two taxes.
The U.S. generation-skipping transfer tax (a.k.a. "GST tax") imposes a tax on both outright gifts and transfers in trust to or for the benefit of unrelated persons who are more than 37.5 years younger than the donor or to related persons more than one generation younger than the donor, such as grandchildren. [1]
A gift tax, known originally as inheritance tax, is a tax imposed on the transfer of ownership of property during the giver's life. The United States Internal Revenue Service says that a gift is "Any transfer to an individual, either directly or indirectly, where full compensation (measured in money or money's worth) is not received in return."
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