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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

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.
Copyright © 2008 H&R Block. All Rights Reserved. Reproduced with permission from H&R Block Glossary
References in periodicals archive ?
His last will and testament left out a non-Chinese wife and disinherited a controversial daughter who had been disowned for alleged 'irregular' financial dealings.
In two recent cases before the courts the survivor has changed their will and the court has protected the position of the disinherited.
As is long as testamentary freedom exists, there always will be parents who try to disinherit their adult children.
Meanwhile, Pete prepares to visit an aerospace convention in California with Paul, but faces bigger problems at home when his mother threatens to disinherit him if he and Trudy adopt a child.
Individuals wanting to disinherit their spouse would circumvent the law by transferring real property prior to death or converting real property to personal property, thus leaving nothing to the spouse.
Then Anna Nicole's will would not only disinherit future born children but would name an alternate beneficiary to the future born children.
Brashier's compassion and concern for families is evident throughout the book, but nowhere more so than in his chapter on children were he condemns the ability of parents to completely disinherit their children, calling such parents "moral villains."
And while all legal systems protect the near relatives of the deceased who tries to disinherit them, they do so in different ways.
"It does not make sense to assist clients with accumulating significant assets only to have them die and significantly disinherit their children because 50% of the estate will go to the IRS."
I will strike them with the pestilence and disinherit them.'" Stengel's explanation: "There's a reason God is insecure; He's the projection of an insecure people" Perhaps, he notes, "the covenant went to the Israelites' heads.
Almost all consulting clients we work with have two common objectives: (1) keep control of their business and other asset for as long as they live; and (2) disinherit the IRS.
Remember that a community spouse cannot generally disinherit an institutionalized spouse because a legal living spouse is entitled to a 1/3 interest in the deceased spouse's estate.