Law no longer has an inheritance tax but there may be other taxes owed on death such as local property and income taxes; these fees must still adhere by law while also providing credits towards paying off certain amounts like Medicare Part B premiums (if applicable).
There is no federal inheritance tax, but many states still tax some assets inherited from the estates of deceased persons
Interlineation. The value of your inheritance, your relationship to the deceased, and the current rules and rates in your area all play a role in determining whether or not you will be taxed on it.
An heir who is entitled to money or property may decline the inheritance by executing an inheritance or estate waiver. The waiver is a legal document that the heir signs in order to relinquish his or her inherited rights. In this case, the executor of the will would reassign the bequest to a new recipient.« Back to Glossary Index