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LSDefine

Simple English definitions for legal terms

death taxes

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A quick definition of death taxes:

Death taxes is a mean term used to describe taxes that are charged on a person's property after they die. There are two types of death taxes: estate taxes and inheritance taxes. Estate taxes are charged on a person's property before it is given to someone else. Inheritance taxes are charged on the property that is given to someone else. The federal estate tax is charged on estates worth more than $11.7 million until 2026. Some states also charge estate and inheritance taxes.

A more thorough explanation:

Death taxes

“Death taxes” is a negative term used to describe taxes that are imposed on a person's property after they die. There are two types of death taxes: estate taxes and inheritance taxes. Estate taxes are taxes on a person's estate before their property is transferred to another entity. Inheritance taxes are taxes on property that is transferred to a specific entity from an estate. The federal estate tax threshold is currently set at $11.7 million until 2026. Twelve states have an estate tax in addition to the federal tax. There is no federal inheritance tax, but six states have a local inheritance tax.

Example 1: John passed away, and his estate was worth $15 million. His estate would be subject to the federal estate tax because it exceeds the threshold of $11.7 million.

Example 2: Mary inherited $500,000 from her grandmother's estate. She lives in one of the six states that have a local inheritance tax, so she would have to pay a tax on the $500,000 she inherited.

These examples illustrate how death taxes work. In example 1, John's estate is subject to the federal estate tax because it exceeds the threshold. In example 2, Mary has to pay a tax on the money she inherited because she lives in a state that has a local inheritance tax.

death row | debenture

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MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
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