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 ?
Calls for equality between men and women in inheritance have arisen once again in Egypt, after protests continued in Tunisia by a number of women's organisations to demand equality with men in inheritance rights.
Egyptian courts hear annually about 144,000 cases related to disputes over inheritances, mainly among members of the same family, according to a recent government study.
This is not an entirely uncommon example, and illustrates the point that where debts and inheritances are involved, there are numerous alternatives for dealing with debt, so professional advice is encouraged.
We can think of the way our inheritances literally embody a transfer of part of the testator (Cobb 2009); for example, my inheritance of a great-grandmother's blue eyes, a grandfather's knees--attributes that are reproduced through sexual reproduction and passed down through generations (and herein lies the problematic social and scientific belief in the inheritability of race coded in the language of genetics, forcefully critiqued by scholars such as Dorothy Roberts [1997] and Kim TallBear [2013]).
As property prices are now rising again, quite significantly in some areas of the North East and wider UK, a greater number of private inheritances and estates - which includes the family home - are now exceeding the PS1m limit.
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.
It may behoove taxpayers to have life insurance paid to beneficiaries whose inheritances will be subject to the highest taxes.
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.
287/2009 on the Civil Code (3) brings, however an express provision under which inheritances opened before the entry into force of the New Civil Code are governed, in principle, by rules of the Code of 1864, and the ones opened after the entry into force of the New Civil Code are subject to the new law.
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.

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