A comprehensive guide to understanding the Federal Estate and Gift Tax, including definitions, the computation process, and special considerations.
Inheritance tax is a state tax levied on the value of property passing to an heir. Unlike the estate tax, it is calculated based on what the heir receives, not the total value of the decedent's estate.
Detailed explanation of probate estate, involving property passing by will or intestate succession law from a decedent to heirs or beneficiaries. Comparison with gross estate included.
The process by which a property’s tax basis is reset to its fair market value at the date of the owner's death, commonly applied to inherited assets.
