Estate and Inheritance Tax Law

Estate and inheritance tax laws govern how the value of a person's estate (total assets at death) is taxed when they pass away. Estate taxes are levied on the estate itself before assets are distributed to heirs, while inheritance taxes are paid by beneficiaries on what they receive. These taxes can vary by state, with some states imposing their own estate or inheritance taxes. Understanding these laws is important for estate planning to minimize tax burdens and ensure a smooth transfer of assets to heirs. Consulting with a tax professional can help navigate these complex regulations.