Today’s Monday Map shows inheritance and estate taxAn estate tax is imposed on the net value of an individual’s taxable estate, after any exclusions or credits, at the time of death. The tax is paid by the estate itself before assets are distributed to heirs. rates and exemptions as of January 1, 2012. Estate taxes are levied on the estate itself prior to transfer; inheritance taxes are levied on the transfer of wealth based on the recipient’s relationship to the decendent. New Jersey and Maryland are notable for having both an estate taxA tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of general government services, goods, and activities. and an inheritance taxAn inheritance tax is levied upon the value of inherited assets received by a beneficiary after a decedent’s death. Not to be confused with estate taxes, which are paid by the decedent’s estate based on the size of the total estate before assets are distributed, inheritance taxes are paid by the recipient or heir based on the value of the bequest received. .
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View previous Monday Maps here.
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