What is the difference between inheritance tax and estate tax?
An example of an AI chatbot conversation about inheritance tax and estate tax differences.
What is the difference between inheritance tax and estate tax?
Inheritance tax is paid by the beneficiaries on the value of the inheritance they receive, while estate tax is levied on the total value of the deceased's estate before distribution.
Are both taxes applicable in all states?
No, not all states impose these taxes. Some states have inheritance tax, some have estate tax, and others have neither.
How are these taxes calculated?
Inheritance tax is usually a percentage of the value of the inheritance, while estate tax is based on the total value of the estate, with various exemptions and deductions.
Can I avoid these taxes?
There are legal strategies to minimize or avoid these taxes, such as gifting assets during your lifetime or setting up trusts.
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