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 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. es are levied on the estate itself prior to transfer; inheritance taxAn inheritance tax is levied upon an individual’s estate at death or upon the assets transferred from the decedent’s estate to their heirs. Unlike estate taxes, inheritance tax exemptions apply to the size of the gift rather than the size of the estate. es 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 tax and an inheritance tax.
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View previous Monday Maps here.
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