Definitions for "Estate Tax"
Related Terms:
Estate taxes, Inheritance tax, Death taxes, Inheritance taxes, Death tax, Federal estate tax, Taxable estate, Marital deduction, Gift tax, Generation-skipping transfer tax, Generation skipping transfer tax, Unified credit, Unlimited marital deduction, Potentially exempt transfer, A-b trust, Credit shelter trust, Exemption equivalent, Gift taxes, By-pass trust, Applicable exclusion amount, Grantor trust, Gross estate, Generation-skipping trust, Federal gift tax, Adjusted gross estate, Bypass trust, Homestead exemption, Inheritance tax waiver, Net estate, Exemption, Taxpayer, Ab trust, Charitable deduction, Qualified terminable interest property, Dynasty trust, Qtip trust, Transfer tax, Real estate taxes, Unified tax credit, Direct skip, Federal tax lien, Qtip, Ad valorem tax, Qualified domestic trust, Inheritance , Residual estate, Exempt, Transfer taxes, Tax roll, Real estate tax
This is a tax imposed by the federal government. The tax is assessed on the value of the entire estate. The Federal Estate Tax is between a minimum of 37% and a maximum of 55%. The government, however, allows you not to pay any estate taxes if your estate is below a certain amount. Currently, if your estate is less than $675,000, there will be no estate tax. This amount is increased annually as follows, so by the year 2005, this amount will be $1,000,000: 2000 - $675,000 2001 - $675,000 2002 - $700,000 2003 - $850,000 2004 - $950,000 2005 - $1,000,000
A tax paid by the estate of a decedent.
in the U.S., the tax imposed on the transfer of property at the death of an individual. It does not apply if the transfer is to a charity.
A tax imposed on an estate over a certain size. Proper planning can reduce the impact of estate taxes.
Idaho estate taxes are determined by federal requirements. Click here for more information: http://www2.state.id.us/tax/answers.htm#301 .
A federal or state tax on the total estate, less the allowable deductions and the unified transfer tax credit. Executor: The trust company or an individual named in a will and appointed by a court to carry out the terms of the will (termed "personal representative" in some states).
When a person dies, all of the property and assets they leave behind are called an estate. The estate is evaluated and taxed before it is transferred to the dead person's heirs. If a person died in 2001, with no assets except a piece of land valued at $1 million, the estate could owe $178,750 in taxes. [F-M
A tax levied on large estates at the time of the owner's death. In 2003, about 2 percent of estates (those worth more than one million dollars) were subject to the tax. Special provisions apply to farms and small businesses. Under EGTRRA, the tax will be phased out by 2010, but then reinstated in 2011.
a tax on your right to transfer property at your death.
A tax imposed on the right of a person to transfer property at death. This is a federal tax, but can also be imposed as a state tax and is paid out of the estate's assets.
A federal or state tax imposed on an individual's assets inherited by heirs.
Tax imposed by a state or the federal government on the transfer of property owned at death (other than property passing to a spouse or a charitable organization). As of calendar year 2000, the first $675,000 or property is exempt from federal estate tax, and the exempt amount is scheduled to increase as follows: 2002 $700,000 2004 $850,000 2005 $950,000 2006 $1,000,000 See: Asset
A tax imposed by the federal government and some state governments on the transfer of assets to heirs.
Tax imposed on the transfer of property from a deceased to his/her heirs, legatees or devisees. see also bypass trust, irrevocable trust.
A tax which the federal and state governments impose on assets of a person at death based on their net value at the time of death. An easement often reduces estate taxes.
A tax imposed on the decedent's estate for the transmission of property at death. (Compare " inheritance tax.")
A tax imposed at one's death on the transfer of wealth to private beneficiaries. A taxable estate is valued after taking allowable deductions, including an unlimited deduction for gifts to non-profits. An exemption is also allowed.
A tax levied by the federal and/or state governments on the value of certain types of gifts (or an estate) made upon the giver's death.
a tax on the estate of the deceased person
a federal tax imposed on the privilege of transferring the property at death
a tax imposed on the deceased's estate as a whole
a tax levied upon the decedent's entire estate, regardless of how it is disbursed, before any transfers take place
a tax on all of a decedent's assets before they are distributed to the beneficiaries
a tax on capital savings and encourages consumption at the expense of savings, and it is well known that Americans consume too much and save too little
a tax on estate, money, property etc, of a deceased person
a tax upon the transfer of property by the decedent upon his death, and is to be distinguished from an inheritance or succession tax, which is a tax upon the taking of property by a beneficiary or distributee
A tax imposed on the transfer of property from a decedent to his or her heirs, legatees or devisees.
state or federal tax imposed on assets of an estate
A tax imposed on assets being transferred to heirs after the death of the asset owner. An estate tax is levied on the deceased's estate and not on the heir receiving property.
A tax that is imposed at one's death and on the transfers of some types of property.
A tax that may be imposed not only by the federal government but also by state governments on the right of a person to transfer property at death. This transfer tax is generally applicable to estates valued over and above the $600,000 exemption amount.
Federal and state taxes applied to any property that is transferred at death.
A transfer tax imposed on the value of property left at death; often called an inheritance tax or death tax.
A transfer tax imposed at a rate equal to 18% to 50% on transfers occurring at the decedent's death. Each decedent has a unified credit exemption of $1,000,000 (in 2003, $1,500,000 in 2004) from the tax, unless such exemption is used to exempt gifts made during lifetime.
a tax imposed on assets transferred from a deceased person to his or her heirs.
On the death of a taxpayer, a tax may be due on the transfer of wealth to family and others. Exclusions are provided for transfers to the taxpayer's spouse, charities, and so forth. The tax rate for the estate tax can reach as high as 55 percent. A once-in-a-lifetime credit is permitted, which enables you to pass property to others without having to pay an estate tax.
Tax levied on an estate valued at more than the excludable amount as determined by the IRS.
The tax paid by the administrator or executor of a decedent's estate out of the assets of the estate itself. Taxes may be due to the state or federal government, depending upon the date of death, value of the estate, and relationship of the beneficiaries to the decedent.
A tax placed on the net value of a decedent's estate at the time of death; the tax rate increases as the size of the estate increases. Both the State of Washington and the federal government are legally authorized to assess and collect taxes on estates.
A tax imposed upon the right of a person to transfer property at death. This tax may be composed not only by the federal government but also by state governments.
Tax imposed by a state or the federal government on assets left to heirs in a will. There currently is not an estate tax on property transfers between spouses, an exclusion known as the marital deduction. See: Asset
Tax levied on an estate based on market value after the death of the owner.
A federal or state tax imposed on an individual's assets at death.
A tax that the states and federal government place on your assets at the time of your death. Currently the federal estate tax applies to estates with a value of over $675,000 and this increases to $1 million in 2002. Tax Rates are 37%-55% above that amount. Ohio has a separate estate tax system, charging 2-7% of assets over $200,000. Most other states are tied to the federal exemption amounts.
Tax imposed by a state or the federal government on the transfer of property from a deceased to his/her heirs.
A tax paid on property that is owned at an individual's death. The tax is paid on the property as a whole before it is distributed.
A federal or state tax imposed on the fair market value of all assets, less liabilities, held by a person at the time of death. See inheritance tax.... read full article
Sometimes used synonymously with the Federal Estate Tax. Generically, any tax which is levied upon the estate as a whole, as opposed to being levied upon the takers of the property. (See Inheritance Tax.)
When a person becomes deceased, if he or she has no living spouse, his or her estate may become subject to a special tax, called the estate tax, depending on the size of the estate.
The federal tax imposed on the value of property transferred by an individual at his or her death.
The graduated tax imposed by the federal government and some states on the transfer of property at death.
Generally, a tax on the privilege of transferring property to others after a person's death. In addition to federal estate taxes, many states have their own estate taxes.
A federal tax on the value of the property held by an individual at his or her death (paid by individual's estate, not the heirs or recipients of bequests). In contrast, state inheritance tax is applied to the value of bequests passing to beneficiaries; it is also paid by the estate before the distributions are made.
A transfer tax imposed by the federal government and some states on the estate of a decedent. A tax on the privilege of transmitting property at death, payable from the estate.
A tax imposed on a decedent's estate as such and not on the distributive shares of the estate or on the right to receive the shares; to be distinguished from an inheritance tax.
The tax on the assets of a decedent, reduced by any deductions or credits allowed. Income that a decedent had a right to receive is included in the decedent's gross estate and is subject to estate tax. This income in respect of a decedent is also taxed when received by the recipient (estate or beneficiary). However, an income tax deduction is allowed to the recipient for the estate tax paid on the income.
Tax imposed by a state or the federal government on assets left to heirs in a will. There currently (as of February 1995) is not an estate tax on property transfers between spouses and assets up to $600,000 are excluded. See: Asset
A tax imposed at one's death on the transfer of most types of property. Individuals pay a federal estate tax of 35% to 49% on estates greater than $1.5 million in 2004 increasing to $3.5 million in 2009. Under current legislation, the estate tax is due to be repealed in 2010.
A government levy against the property in the estate of a deceased person, payable out of the estate.
The tax owed on the assets of a deceased person before the assets are transferred to heirs.
Upon the death of a decedent, federal and state governments impose taxes on the value of the estate left to others (with limitations).
The tax imposed on assets inherited from an estate that exceeds the federal tax unified credit. Estate taxes can take up as much as 55% or more of an estate that has not been properly planned. See Retirement Planning, Step 11: Keep It in the Family.
n. generally a federal tax on the transfer of a dead person's assets to his heirs and beneficiaries. Although a transfer tax, it is based on the amount in the decedent's estate (including distribution from a trust at the death) and can include insurance proceeds. Currently such federal taxation applies to the amount of an estate above $600,000, or as much as double that amount if the estate is distributed to a spouse. Some states have an estate tax, more commonly called an inheritance tax.
The tax owed on a person's estate.
See Federal Estate Tax.
Tax paid on an estate as it passes to the heirs.
A tax imposed by federal and state agencies on the net value of a deceased's estate in excess of $600,000.
Tax imposed by U.S. government and most states on the transfer of property from a decedent to his or her heirs or beneficiaries. The estate tax is levied on and measured by the size of the decedent's estate, rather than on the amount received by any particular beneficiary.
A transfer tax that the federal government and some states assess on the right to transfer assets to others on your death. Sometimes referred to as the death tax or, incorrectly, as inheritance tax.
A tax on the net value of assets of a person who has died. Imposed by the federal government and by a number of states.
A tax levied on a person's estate after that person's death.
A tax upon the privilege of transferring property to others at death.
A tax upon the privilege of transmitting title to property of a decedent.
A tax imposed at one's death on the transfer of most types of property. Executor (or Personal Representative) The person named in a will to manage the estate. This person will collect the property, pay any debt and distribute your property or assets according to the will.
Taxes assessed by the federal government upon a decedent's right to transfer property.
A tax paid on property or assets owned at the time of an individual's death.
The tax paid by the administrator or executor of a person's estate out of the estate's assets.
A tax based on the value of property left by the deceased. Since 1987, the estate and gift tax laws exempt approximately $600,000 of property.
A tax levied on your estate or valuables on any amount currently over $600,000. This tax does not apply between spouses, who can leave any amount to one another upon death - known as the unlimited marital deduction. It is upon the death of the surviving spouse that the estate taxes may be owed.
Federal taxes that apply to an estate valued at at least $1,000,000.
A tax levied on a person's estate upon their death. The federal tax is 46% in 2006. Most states also impose an estate tax or inheritance tax.
An estate tax is a state or federal tax imposed at the decedent's death upon the decedent's property. It is also known as an "inheritance tax" or "death tax".
A tax imposed against the value of an estate's property and property rights owned at death.
A federal tax on the net value of the estate without regard to distributive shares.
The tax levied on the transfer of property as the result of death.
A tax, assessed by both the federal and state taxing authorities, against the value of the transfer of things in which you own an interest at the time of your death to your beneficiaries. This is different from an income tax.
A tax levied on a person's estate upon their death. The federal tax is a very heavy tax and quickly reaches 55 percent and can exceed 60 percent for large estates. Most states also impose an estate tax or inheritance tax.
A tax that is imposed upon a person's death, on the transfers of some types of property form their Estate to their heirs and beneficiaries.
estimated tax excess contribution
Federal and/or state taxes levied on assets of a decedent (person who dies). Estate taxes are paid by the decedent’s estate rather than his or her heirs.
Tax on the value of a DECENDENT'S taxable estate, typically defined as the decedent's ASSETS less LIABILITIES and certain expenses which may include funeral and administrative expenses.
A tax based on the value of property transferred at death. The tax is based on a graduated set of rates ranging from 18% to 49% and is not applicable until the taxable estate exceeds the unified credit amount.
The federal tax that applies – beginning at a 46% rate – when a decedent's taxable estate exceeds $2 million in 2006. That tax rate will decrease as part of a plan to abolish the estate tax by 2010.
A tax on the property (including real, personal, and intangible property) left by a person at death.
The estate tax in the United States is a tax imposed on the transfer of the "taxable estate" of a deceased person, whether such property is transferred via a will or according to the state laws of intestacy. The estate tax is one part of the Unified Gift and Estate Tax system in the United States. The other part of the system, the gift tax, imposes a tax on transfers of property during a person's life; the gift tax prevents avoidance of the estate tax should a person want to give away his/her estate just before dying.
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estoppel
Estoppel
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charge
a charge upon