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estate tax

   Also found in: Dictionary/thesaurus, Legal, Financial, Wikipedia 0.01 sec.
estate tax: see inheritance tax inheritance tax, assessment made on the portion of an estate received by an individual; it differs from an

estate tax, which is a tax levied on an entire estate before it is distributed to individuals.
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estate tax

Levy on the value of property changing hands at the death of the owner, fixed mainly by reference to its total value. Estate tax is generally applied only to estates whose value exceeds a set amount, and it is applied at graduated rates. An estate tax was first instituted in the U.S. in 1898 to help finance the Spanish-American War; it was repealed in 1902 but permanently reimposed in 1916, initially to help finance mobilization for World War I. Methods of avoiding estate tax (e.g., gifts and trust funds) were largely foiled by the U.S. Tax Reform Act of 1976.



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This year is different, however, because the estate tax will also be expiring.
Certain estate tax implications exist for both IRAs or 401k plans when the assets contained within them are transferred from the original owner to one or more beneficiaries.
Way back in 2001, it was inconceivable that Congress would not act again within that 10-year window to make permanent changes to(and perhaps even completely eliminate) the estate tax But nine years, two wars, two presidential elections, one Category 5 hurricane, and one we-can't-call-it-a-depression economic crisis later, none of the estate tax issues that have been hanging in the balance for nearly a decade has been resolved.
 
 
 
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