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What are "inheritance taxes"?

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What are "inheritance taxes"?

Inheritance taxes are taxes assesed by a taxing agency against that which an individual beneficiary receives. The taxes are a function of the value of what that beneficiary receives and generally is chargeable to that beneficiary. Estate taxes, by contrast, are chargeable to the estate as a whole. The calculation is one made against the entire estate; you go up the tax brackets only once in order to determine what the tax in the estate is. Whereas with an inheritance tax, for each beneficiary there's a tax calculation which goes up the bracket seperately. California does not have an inheritance tax at the moment.

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Thomas Curtiss Jr.

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What are "inheritance taxes"?

What are "inheritance taxes"?

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