1555 Palm Beach Lakes Blvd Suite 1410

West Palm Beach, FL 33401

24/7 Customer Support

What Is a Inheritance Tax? Definition, Uses and Importance.

Jump To Section

Copy the following HTML iframe code to your website:

Share This

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
Search for more common probate terms

Get Your Inheritance Money Now!

Our Inheritance Cash Advances help heirs receive a portion of their inheritance payout in just a few days. We then wait and are paid directly out of your share when the estate finally closes. We wait for probate so that you don’t have to. Click below and fill out our short form to receive an advance immediately.

Probate Costs
Play Video

If you are an Heir or Executor to an Estate, You Don’t Have To Wait For Probate!

Inheritance advanced Logo
comodoCreated with Sketch.
employee_ownedCreated with Sketch.
bbbCreated with Sketch.
customer_satisfactionCreated with Sketch.

Inheritance Advanced is an inheritance funding company, not a lender. We offer Inheritance Cash Advances which are a new and innovative option for heirs to receive the immediate cash they need during challenging times. This program allows an heir the benefit of receiving immediate money, in exchange for their future inheritance.

Inheritance advances are a way for heirs to receive immediate funds without providing credit or employment verification and they don’t require collateral. You also will not be responsible for high monthly interest payments like probate loans or inheritance loans.