What is inheritance tax?
Inheritance tax is a tax on the estate of a deceased person, applied to the value of their assets.
How is inheritance tax calculated?
It's typically calculated based on the total value of the estate, minus any debts and exemptions.
Are there any exemptions to inheritance tax?
Yes, there are exemptions, such as gifts made during the person's lifetime and certain thresholds based on the relationship to the deceased.
What happens if inheritance tax is not paid?
If inheritance tax is not paid, the tax authorities can impose penalties, and the estate may face legal issues.
Can inheritance tax vary by state?
Yes, inheritance tax laws can vary significantly by state, with some states having no inheritance tax at all.
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