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Finance Dictionary and Glossary of Investment Terms
Tax imposed on the transfer of property from a deceased to his/her heirs, legatees or devisees.
A federal or state tax imposed on an individual's assets inherited by heirs.
A tax levied on an individual's estate or valuables if they amount to over $600,000. This tax does not apply between spouses, who can leave any amount to one another upon death--a right known as the unlimited marital deduction. Therefore, the estate tax is mostly imposed on assets left to heirs.