Estate and Gift Tax Figures

What is an Estate Tax?

The estate tax in the United States is a tax on the transfer of the estate of a deceased person.

There are Federal Taxes that apply to all US taxpayers, and in addition, some states have Estate and Inheritance Taxes that apply to property and residents of those states. The tax applies to property that is transferred via a will or according to state laws of intestacy. Other transfers that are subject to the tax can include those made through an intestate estate or trust, or the payment of certain life insurance benefits or financial account sums to beneficiaries. There is also a Federal gift tax that limits the amount that a person may gift to others.