inheritance tax

Inheritance tax is a tax imposed on the estate of someone who has passed away. When a person dies, their assets, such as property, money, and possessions, are valued. If the total value exceeds a certain threshold set by the government, a tax is levied on the amount above that threshold before the assets are distributed to heirs. The rate of tax can vary based on the size of the estate and the relationship of the beneficiaries to the deceased. Some individuals may be exempt or qualify for reduced rates, depending on specific circumstances.