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LSDefine

Simple English definitions for legal terms

inheritance tax

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A quick definition of inheritance tax:

An inheritance tax is a tax that some states require people to pay when they receive property from someone who has died. This tax is paid by the person who inherits the property, not the estate of the person who died. Only six states have this tax, and each state has its own rules about who has to pay and how much they have to pay. Usually, close family members don't have to pay, but other people might have to pay based on how much they inherit and how closely related they are to the person who died.

A more thorough explanation:

An inheritance tax is a state tax that must be paid by a person who receives property from the estate of a deceased person. This tax is also known as a legacy or succession tax. Unlike an estate tax, the inheritance tax is levied against the beneficiary of an estate, and not against the estate itself.

Currently, only six states in the United States impose an inheritance tax. These states are Iowa, Kentucky, Maryland, Nebraska, New Jersey, and Pennsylvania. Each state has its own rules for who must pay the tax and how much they must pay.

For example, in Pennsylvania, immediate family members are exempt from paying inheritance taxes, but more distant family members do not receive an exemption. Beneficiaries are placed in different tax brackets based on the closeness of their relation to the deceased person and the amount they receive.

Let's say that John's grandfather passed away and left him $100,000 in his will. If John lives in Pennsylvania, he may have to pay an inheritance tax on that $100,000. However, if John's father had passed away and left him the same amount, he would not have to pay an inheritance tax because he is an immediate family member.

inheritance | inheritors

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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
WorthlessAttractiveZombie
7:44
My berkeley paragraph finally disappeared. I definitely think it is just an indicator that they are actively reviewing files, and does not mean anything about A, WL, or Rs
WorthlessAttractiveZombie
7:46
Also has anyone's date disappeared for W&L? Mine did last night
7:55
@WorthlessAttractiveZombie: mine did yesterday morning
7:56
Oops sorry I meant Vilanova. Mine disappeared last week
soapy
8:48
UMN under review! As predicted, decisions are gonna come out early December
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