An inheritance tax is a tax that is levied on distributions to each individual nonexempt inheritor when an estate is being administered. There is no federal inheritance tax, and there are five states in the union that have state-level inheritance taxes. States With State-Level Inheritance Taxes There are state inheritance taxes in Kentucky, Nebraska, Pennsylvania, […]
inheritance tax
New York Gift Tax: Estate Taxes Explained
Scenario: Imagine you’re planning your estate in New York. You’ve heard about various taxes but are unsure how they apply, especially when it comes to gifting assets to your loved ones. You wonder, “Is there a gift tax in New York? How does it affect my estate planning?” If you’ve asked yourself this question or […]
Similar Estate Planning Terms Can Be Confusing
Estate planning can be more complicated than you think. When you try to figure it out for yourself, you may make assumptions that are incorrect because of misunderstandings. Some of this stems from the fact that there are terms that sound very similar. It is easy to assume that they are different ways to say […]
Will My Estate Be Taxed?
When an estate is being transferred, the inheritors are receiving income in a sense, so people have questions about income taxes on bequests. In addition to this situation, you may have heard about estate taxes and inheritance taxes. All this can get pretty confusing, and in this post, we will provide the facts so you […]
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