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 ?
The Cancer Genetics Services for Wales is open to anyone who has had a number of family members with cancer and are worried they may be at increased risk of inheriting the disease.
Statistically speaking, each of her children had a 50/50 chance of inheriting either the mutated copy or the normal copy of the gene.
One fact about Down's syndrome, which stems from inheriting an extra copy of chromosome 21, has intrigued Huntington Potter for years.
As a result, all family members at risk for inheriting the gene, beginning at age three, underwent annual testing to check for any of the three features associated with the disorder, especially for precancerous activity in the thyroid.
When two parents are Gaucher gene carriers, each of their children has a 25 percent chance of inheriting the disease.
Rader knew that some neuroscientists maintain that inheriting two copies of apo E-IV virtually guarantees developing Alzheimer's disease by the age of 80 (SN: 1/1/94, p.
Inheriting a legacy of more than 60 years of providing lifesaving and life-enhancing plasma-derived therapeutic proteins, Talecris is well positioned to become recognized as the global leader in developing and delivering premium protein products.
What's the difference between inheriting a polymorphism and inheriting a mutation in a breast-cancer-causing gene, such as BRCA1?