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 ?
"Being able to access other people's stories can be the first step in helping someone deal with the emotional fear of inheriting cancer."
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.8; 5/7/94, p.295), although the ability to predict Alzheimer's is by no means certain.
What's the difference between inheriting a polymorphism and inheriting a mutation in a breast-cancer-causing gene, such as BRCA1?
"We now have the unparalleled opportunity to help 23,000 Americans yearly who develop cancer as a result of inheriting a defective MSH2 or MLH1 gene," Fishel says.
Researchers expect the discovery of the gene, named MNK, to lead to faster and easier tests for diagnosing Menkes' syndrome in infants suspected of inheriting the rare disorder, which affects roughly one in every 100,000 males worldwide.
Because the gene is a dominant trait, each child in the family with one deaf parent faces a 50 percent chance of inheriting the gene and going deaf.
In the meantime, their study offers the first clear evidence that inheriting this gene from one parent creates a predisposition to serious psychiatric disorders and suicide, says medical geneticist Michael Swift, a coauthor of the report.