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Estate Tax

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Estate Tax
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.

Inheritance Tax, estate Tax and death duty are the names given to various taxes which arise on the death of an individual.
    
In international Tax law, an estate Tax and an inheritance Tax are different. The former taxes the personal representatives of the deceased, while the latter taxes the Beneficiaries of the estate. However this distinction is not always respected. For example, the "inheritance Tax" in the UK is a Tax on personal representatives, and is therefore, strictly speaking, an estate Tax.
Posted by  LISA Life Insurance Settlement Association
 
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