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LSDefine

Simple English definitions for legal terms

inheritance tax

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A quick definition of inheritance tax:

An inheritance tax is a tax that some states require people to pay when they receive property from someone who has died. This tax is paid by the person who inherits the property, not the estate of the person who died. Only six states have this tax, and each state has its own rules about who has to pay and how much they have to pay. Usually, close family members don't have to pay, but other people might have to pay based on how much they inherit and how closely related they are to the person who died.

A more thorough explanation:

An inheritance tax is a state tax that must be paid by a person who receives property from the estate of a deceased person. This tax is also known as a legacy or succession tax. Unlike an estate tax, the inheritance tax is levied against the beneficiary of an estate, and not against the estate itself.

Currently, only six states in the United States impose an inheritance tax. These states are Iowa, Kentucky, Maryland, Nebraska, New Jersey, and Pennsylvania. Each state has its own rules for who must pay the tax and how much they must pay.

For example, in Pennsylvania, immediate family members are exempt from paying inheritance taxes, but more distant family members do not receive an exemption. Beneficiaries are placed in different tax brackets based on the closeness of their relation to the deceased person and the amount they receive.

Let's say that John's grandfather passed away and left him $100,000 in his will. If John lives in Pennsylvania, he may have to pay an inheritance tax on that $100,000. However, if John's father had passed away and left him the same amount, he would not have to pay an inheritance tax because he is an immediate family member.

inheritance | inheritors

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20:19
all too common. big cities are known for rampant corruption but let it be known the small towners are just if, if not more guilty, graft, structures, etc
Dkk
20:38
They gotta keep these animals in line. Gotta keep the lower classes subservient. 0 evolutionary pressure should be exerted on the ruling class.
20:47
berk rd next monday 12/16 im calling it
@Dkk: lolol good to see i’m not alone in abandoning social democracy
@Eggan: yessss eggan A plus gift aid
babycat
20:51
it’s so cold here we lowkey too sleepy to go out
babycat
20:54
zzzzzzz
Dkk
20:55
Wow, well have a pizza party I guess then
Dkk
21:42
Person in front of me is on tinder and driving and I am on LSD
jackfrost11770
21:54
just dont tell the cops ur on lsd while driving
jackfrost11770
21:54
they might not like that i fear
babycat
22:04
nvm we going out
berk plz
pull through next monday
jackfrost11770
22:34
i'm so fucked my phone still isn't charging
Dkk
22:40
I made a cop cery today cus I acted like I was gunna run a left turn red light and I didn't literally saw him get visibly angry in his car.
Dkk
22:41
cry*
babycat
23:54
jungle juice four loko
babycat
0:19
hiiiiiiiii
0:30
nyelllo
Dkk
0:31
Hello
Dkk
0:31
Ask the bartender for a jungle bird
Dkk
0:32
Oh you know what. If drinking a four loko, probably not at a bar.
Dkk
0:32
What am I thinking.
Dkk
0:33
Wow are people gunna join mr on the night shift today? Watching Major Payne rn.
babycat
0:33
i’m fucked up in da hotel room
babycat
0:33
how the hell are we sleeping bro
Dkk
0:42
Idk but I got 4 more hours to burn before I sleep.
Dkk
0:42
Good luck and have fun trying!
CynicalOops
1:11
@babycat: real
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