What is the difference between estate tax and inheritance tax?
An example of an AI chatbot conversation about estate tax and inheritance tax differences.
What is the difference between estate tax and inheritance tax?
Estate tax is levied on the total value of a deceased person's estate before distribution, while inheritance tax is paid by the beneficiaries on the value of the assets they inherit.
Are both taxes applicable in every state?
No, not all states impose estate or inheritance taxes. It's important to check the specific laws in your state.
How are these taxes calculated?
Estate tax is calculated based on the total value of the estate, while inheritance tax is based on the value of the inherited assets and the relationship to the deceased.
Can I avoid these taxes?
There are legal strategies, such as trusts and gifting, that can help minimize or avoid these taxes, but it's best to consult a tax professional.
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