Inheritance taxes explained

| Total Words: 408

Reduce inheritance taxes by giving gifts!

The inheritance tax is the same thing as the estate tax in the United States, but with a different name depending on the country that you are talking about. The inheritance tax is a tax that is supposed to be levied on the richest people after they die, especially if they have a considerably large estate at that point in time. However, this is not always the case, and in fact, a lot of people find that they are being forced to pay an inheritance tax even though they do not have a particularly large estate. The reason for this is that housing costs continue to increase – and since your house is considered to be one of your assets, it is included in your estate.

The inheritance tax is considered by some people to be a highly unfair tax due to the fact that the people who owned the estate had already paid their taxes before death. However, the inheritance tax is still in effect, and it can cost anywhere between forty and fifty percent of your estate over a certain maximum amount. Depending on where you are, that amount will change. Essentially, anybody who has more than that base amount in their estate will be charged...

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