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An '''estate tax''' or '''inheritance tax''' is a [[tax]] on the privilege of transferring [[property]] to others after a person's death. In addition to federal estate taxes, many states have their own estate taxes. Conservatives dislike estate taxes and call them ''death taxes''.

An '''estate tax''' or '''inheritance tax''' is a [[tax]] on the privilege of transferring [[property]] to others after a person's death. In addition to federal estate taxes, many states have their own estate taxes. Opponents of the tax (often conservatives) will use the term '''death tax'''.

The Federal and state governments levy estate taxes in the U.S. As per legislation passed in 2001 and 2003, the federal tax is zero in 2010, and returned to 55% on sums over $2 million in 2011. There will be no tax on the first $1 million.  

The Federal and many state governments levy estate taxes in the U.S. As per legislation passed in 2001 and 2003, the federal tax is zero in 2010, and returned to 55% on sums over $2 million in 2011. There will be no tax on the first $1 million.  

There is no tax on money given to [[charity]]. 

Certain items are not subject to the estate tax: in addition to any amount below the minimum, funds given to [[charity]], as well as the proceeds from a [[life insurance]] policy on a deceased are not subject to the tax.

 

There is no tax on money received from a [[life insurance]] policy on a deceased.

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==References==