Inheritance

(redirected from inheritances)
Also found in: Dictionary, Thesaurus, Medical, Legal, Encyclopedia.

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 ?
received 2014 and 2016 PS11,000 Young people aged between 16 to 24, meanwhile, were the least likely to get big inheritances, with just two per cent receiving inheritances of PS1,000 or more.
The inheritance between was o The latest figures from the Office for National Statistics show that seven per cent of people aged between 55 and 65 in Great Britain received inheritances of PS1,000 or above between the years 2014 and 2016.
"Allah instructs you concerning your children: for the male, what is equal to the share of two females," reads verse 11 in Surat Al Nisaa of the Quran, which was used to legalise procedures of inheritance between men and women and determined different percentages among inheritances.
Summary: Courts hear about 144,000 cases related to disputes over inheritances annually -- mainly among members of the same family
In a consumer proposal, the debtor obtains protection from creditor actions (wage garnishments and collection calls stop) and keeps all assets, including potential inheritances. In offering terms to the creditors, the potential size, likelihood and timing of any inheritance would be considered.
A substantial wealth transfer is underway that will benefit many of today's working-age households, but it is unclear how inheritances will affect retirement preparedness.
Inheritances and gifts play a major role in the distribution of wealth, accounting for an estimated one-quarter of total household wealth accumulation in the United States.
The total combined sum of inheritances received over the two years was estimated to be [pounds sterling]75bn ($120.7bn, E87.6bn).
Based on predictions by those aged 45 to 55, 4.5 million people will leave an average pounds 238,000 in 2047, having enjoyed relative job security, seen their homes shoot up in value and received inheritances themselves.
Based on predictions by those aged between 45 and 55, 4.5 million people will leave an average pounds 238,000 in 2047, having enjoyed relative job security, seen their homes shoot up in value and received inheritances themselves.
Beckert essentially approaches inheritance from three vantage points: the amount of freedom given to the testator (testamentary freedom), the ability of the will-maker to control property over time (entails), and the right of the state to tax estates and inheritances.
As many as 7.4 million people are relying on inheritances to fund their future financial plans, it was claimed yesterday.

Full browser ?