An inheritance tax is levied when a beneficiary inherits assets from the estate of someone who died. There is no federal inheritance tax, but five states currently levy this tax: Kentucky, Maryland, ...
State inheritance taxes can affect heirs even when federal estate taxes are avoided, making careful planning essential.
That’s particularly true in a handful of states where an inheritance tax still applies. Unlike federal estate taxes, which affect only the ultrawealthy, these state-level taxes can hit ordinary heirs.
FIRST ON FOX: Republican lawmakers are mounting a massive effort to repeal the federal inheritance tax, colloquially known as the "death tax." Rep. Randy Feenstra, R-Iowa, is leading more than 170 ...