What are the different types of inheritance taxes?
An example of an AI chatbot conversation about inheritance taxes and their types.
What are the different types of inheritance taxes?
Inheritance taxes can vary by country, but generally, they include estate taxes, inheritance taxes, and gift taxes.
Can you explain what estate tax is?
Estate tax is a tax on the total value of a deceased person's assets before distribution to heirs.
How does inheritance tax differ from estate tax?
Inheritance tax is paid by the heirs on the value of the inheritance they receive, while estate tax is paid on the deceased's total estate.
Are there any exemptions for inheritance taxes?
Yes, many jurisdictions offer exemptions or thresholds below which no inheritance tax is owed, often based on the relationship to the deceased.
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