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inheritance tax

   Also found in: Dictionary/thesaurus, Legal, Encyclopedia, Wikipedia, Hutchinson 0.04 sec.
inheritance tax
A state tax levied on the recipient of an estate rather than on the estate itself. The tax varies by state and its severity in a given state usually depends on the kinship between the deceased and the heir. Some states levy a tax on the estate instead of a tax on the amount inherited. Also called death tax. Compare estate tax.
How can I minimize inheritance tax?

Estate and gift tax law is in a state of flux. An estate planning attorney will have the most up-to-date information available to assist you in minimizing your tax liability. Avoiding probate should also be a goal. Joint ownership, revocable living trust, irrevocable trusts, and life insurance may be useful tools to avoid or eliminate the estate tax and costs of probate, but only an experienced estate planning attorney can help you decide which of these tools will suit your needs best.

Gloria Cole, Attorney, private practice, Weston, MA
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I need to die in 2010 because there will be no inheritance tax (that year) and my kids will be able to carry on.
Bitter sweet: L.A. candy company closes after 117 years by York, Emily Bryson / Los Angeles Business Journal
But instead what captivated the Japanese media was the inheritance tax that his heirs had to pay.
Inheritance taxation planning--speaking with the oracle of Otemachi by Dodd, John / Japan Inc.
As Joseph Stiglitz, chairman of President Clinton's Council of Economic Advisers, has concluded: "Of course, prohibitively high inheritance tax rates generate no revenue; they simply force the individual to consume his income during his lifetime.
Death tax isn't dead by Hoar, William P. / The New American
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