Estate tax

 

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Estate tax

In the US, a tax imposed by the federal government or state on the net value of a deceased person's estate after deduction of an exclusion. The net proceeds, after estate tax has been paid, pass to the beneficiaries. If the sole beneficiary is a spouse, no tax is payable.



Similar Matches

Real estate

Real estate

Property comprising land and buildings etc as opposed to personal property. Also known as real property.


Real Estate

Real Estate

(1) Land and anything permanently affixed to the land. such as buildings, fences, and those things attached to the buildings, such as light fixtures, plumbing and heating fixtures, or other such items which would be personal property it not attached. The term is generally synonymous with real property, although in some states a fine distinction may be made. (2) May refer to rights in real property as well as the property itself.


Residuary estate

Residuary estate

The remainder of an estate after the payment of debts, expenses and taxes and the distribution of legacies. Also known as residue of estate in the UK.


Intestate

Intestate

The situation which exists when a person dies without making a will. The person is then said to have died intestate.


Real estate

Real estate

A piece of land and whatever physical property is on it.


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