Changes

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'''.

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 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.  

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. For individuals dying in 2019, the basic exclusion amount is $11,400,000, and this amount is indexed for inflation.<ref name=irs>{{cite web|url=https://www.irs.gov/instructions/i706|titleeInstructions for Form 706 (08/2019)|accessdate=2020-08-20}}</ref>

 

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.

==References==

==References==

{{reflist}}

{{reflist}}

[[Category:Taxation]]

[[Category:Taxation]]

[[Category:Retirement]]

[[Category:Retirement]]