Estate tax in the United States

estate taxestate taxesdeath taxfederal estate taxinheritance taxestateinheritance taxes Estate Taxestate and inheritance taxEstate tax (United States)
The estate tax in the United States is a tax on the transfer of the estate of a deceased person.wikipedia
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Tax

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The estate tax in the United States is a tax on the transfer of the estate of a deceased person.
Countries or subunits often also impose wealth taxes, inheritance taxes, estate taxes, gift taxes, property taxes, sales taxes, payroll taxes or tariffs.

Inheritance tax

estate taxdeath dutiesEstate
These taxes may be termed an "inheritance tax" to the extent the tax is payable by a person who inherits money or property of a person who has died, as opposed to an estate tax, which is a levy on the estate (money and property) of a person who has died.

Tax Cuts and Jobs Act of 2017

Tax Cuts and Jobs Act2017 Republican tax planRepublican tax legislation
In 2018, the exemption doubled to $11.18 million per taxpayer due to the Tax Cuts and Jobs Act of 2017.
The indexed estate tax exemption was doubled, which means that people may not need to include charitable contributions being written into their will in order to reduce the estate tax paid, which is expected to reduce the amount of charitable contributions given to churches and nonprofit organizations overall.

War Revenue Act of 1898

In the 19th century, the Revenue Act of 1862 and the War Revenue Act of 1898 also imposed rates, but were each repealed shortly thereafter.
The legislation established the predecessor to the estate tax, and twice the Supreme Court of the United States issued rulings about the law.

Gift tax in the United States

gift taxgift taxesgift
The other part of the system, the gift tax, applies to transfers of property during a person's life.
Generally, if an interest in property is transferred during the giver's lifetime (often called an inter vivos gift), then the gift or transfer would not be subject to the estate tax.

Life insurance

lifelife assurancelife insurance policy
Other transfers that are subject to the tax can include those made through an intestate estate or trust, or the payment of certain life insurance benefits or financial account sums to beneficiaries.
However, if the proceeds are included in the "estate" of the deceased, it is likely they will be subject to federal and state estate and inheritance tax.

Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010

2010 Tax Relief Act111-3122010 tax deal
--Internal Revenue Code section 2001(c), as amended by section 302(a)(2) of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (H.R. 4853), Pub.

Estate (law)

estateestatesestate law
The estate tax in the United States is a tax on the transfer of the estate of a deceased person.

Americans Standing for the Simplification of the Estate Tax

Americans Standing for the Simplification of the Estate Tax advocates relief for farmers and small business owners by eliminating death as a taxable event in what the group describes as a down payment on their estate taxes during their earning years.
Americans Standing for the Simplification of the Estate Tax (ASSET) is a lobbying group of individuals and private businesses, which advocates changing the collection method for the estate tax in the United States.

Probate

provedRegister of Probateprobate law
Similarly, bank accounts or other financial instruments which are "payable on death" or "transfer on death" are usually included in the taxable estate, even though such assets are not subject to the probate process under state law.
Next, he pays any debts and taxes, including estate tax in the United States, if the estate is taxable at the federal or state level.

Internal Revenue Service

IRSinternal revenueBureau of Internal Revenue
That person is also responsible for filing a Form 706 return with the Internal Revenue Service (IRS).

Frank Luntz

Luntz Research CompaniesFrank I. Luntz[Frank] Luntz
Well-known Republican pollster Frank Luntz wrote that the term "death tax" "kindled voter resentment in a way that 'inheritance tax' and 'estate tax' do not".
He advocated use of vocabulary crafted to produce a desired effect; including use of the term death tax instead of estate tax, and climate change instead of global warming.

American Family Business Institute

The American Family Business Institute (AFBI) is a trade association of business owners, farmers, and entrepreneurs working for permanent repeal of the federal estate tax.

Revenue Act of 1916

1916 actEmergency Revenue Act of 1916Income Tax Act of 1916
The modern U.S. estate tax was enacted on September 8, 1916 under section 201 of the Revenue Act of 1916.
(Previously, the top rate had been 7% on income above $500,000.) The Act also instituted the federal estate tax.

Generation-skipping transfer tax

Generation skippinggeneration-skipping trusts
Furthermore, transfers (whether by bequest, gift, or inheritance) in excess of $5 million (tied to inflation in the same manner as the estate tax exemption) may be subject to a generation-skipping transfer tax if certain other criteria are met.
If the trust property is not subject to estate tax at the child's death, a generation-skipping tax will be imposed when the child dies.

Bill Gates Sr.

William H. Gates, Sr.William H. Gates Sr.William Henry Gates, Sr.
Gates is co-author, with Chuck Collins, of the book Wealth and Our Commonwealth: Why America Should Tax Accumulated Fortunes, a defense of the policies promoted by the estate tax.

United States

AmericanU.S.USA
The estate tax in the United States is a tax on the transfer of the estate of a deceased person.

Will and testament

willwillslast will and testament
The tax applies to property that is transferred via a will or according to state laws of intestacy.

Intestacy

intestateintestate successionTestate
Other transfers that are subject to the tax can include those made through an intestate estate or trust, or the payment of certain life insurance benefits or financial account sums to beneficiaries. The tax applies to property that is transferred via a will or according to state laws of intestacy.

Paris Hilton

ParisMy BFFHeiress Records
Some supporters of the tax have called it the "Paris Hilton tax".

Charitable organization

charityregistered charitycharities
If an asset is left to a spouse or a federally recognized charity, the tax usually does not apply.

Tax deduction

tax-deductibledeductionstax deductible
Certain deductions from the "gross estate" are allowed to arrive at the "taxable estate."

Totten trust

banking termPayable on DeathPayable on Death (finance)
Similarly, bank accounts or other financial instruments which are "payable on death" or "transfer on death" are usually included in the taxable estate, even though such assets are not subject to the probate process under state law.

Dower