Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

death taxes

Read a random definition: marshaling assets, rule of

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

Warning

Info

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
THATS SO FUNNY
i cant i would go crazy
JumpySubsequentDolphin
20:50
i need to know who decided to do that.
JumpySubsequentDolphin
20:50
omg im on a plane weeeee
the devil
youre on a plane??? LSD made the mile high club??
20:50
yo splitterus are you in school already
20:50
it says ur c/o 2027
JumpySubsequentDolphin
20:51
@SplitterusClitterus: HAHAH yes
ur user is hilarioussss and no i just graduated this may and am now applying ---also im out of messages so ill take a lil
20:52
roger dat. see u in heck
im back, r u applying this cycle too
JumpySubsequentDolphin
21:32
this child fell asleep on me
JumpySubsequentDolphin
21:32
im so uncomfortable
just push him off the entire seat
JumpySubsequentDolphin
21:34
LMAOOOO
JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
gulc baby pls text me back... i miss you ...... :(
22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
AHHAHAHAHAHAHHAHAHAHAHAHAH
@JumpySubsequentDolphin: wait this is so cute, also where r u going
JOE MBIDEN
JumpySubsequentDolphin
22:39
@splitty Oregon!
oh yay for what thats so random
JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
so cutie oregon is beatiful
LSD+ is ad-free, with DMs, discounts, case briefs & more.