Inheritance

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Inheritance

Any form of property that one receives when a person dies. One may receive an inheritance because the deceased person had so specified in a will, or, if there is no will, one may receive an inheritance simply by being a close relative of the deceased. In most countries, inheritances are taxed if they are valued over a certain amount. See also: Estate.

Inheritance

As distinguished from a bequest or devise, an inheritance is property acquired through laws of descent and distribution from a person who dies without leaving a will. Property so acquired usually takes as its basis, for gain or loss on later disposition or for depreciation, the fair market value at the date of the decedent's death. An inheritance of property is not a taxable event, but the income from an inheritance is taxable.
References in periodicals archive ?
Court of Appeal confined itself to determining whether the decision to disinherit was based on "true facts," as opposed to "inaccurate" facts, and "rational" in the sense that there was a logical connection between the reason and the act of disinheritance.
I prefer the American position of liberal testamentary freedom to disinherit children who turn out to be as disappointing and unsavory as Seward Johnson's offspring, but counterarguments for protecting the expectations of children can certainly be made.
It breaks my heart but I plan to disinherit my middle child, a son.
Donald (Michael Jayston), threatens to disinherit Anna (Emma Davies) if she marries Matthew (Matt Healy).
However, we have been told that we cannot disinherit our children, which is very worrying.
And a powerful Saipan politician is lobbying the island legislature for a bill that would disinherit every illegitimate child in the Marianas, the Examiner states.
Kilbourn's latest book, Disinherit the IRS, was updated to reflect the Economic Growth and Tax Relief Reconciliation Act (EGTRRA) of 2001 and reveals simple, legal strategies to avoid so-called "death taxes," as well as steps individuals must take to protect their children, grandchildren, and future heirs from predators and claims from lawsuits and divorce.
However, Mr Justice Henderson declared the later wills invalid, ruling the decision to disinherit Zoran had been driven by Kostic's insanity.
But Tabish began an illicit affair with his girlfriend and, when Binion found out, he threatened to disinherit her, the court heard.
Hyde), transmit sentiment (The Longest Journey), disinherit within heredity (Joyce), express the maternal sublime (Elizabeth Bowen), encourage social climbing (Brideshead Revisited) and interpret the maternal through property (Banville).