Estate tax
A federal tax on the transfer of wealth at death, applying only to estates exceeding the lifetime exemption (approximately $13 million in 2024).
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Related Terms
Lifetime exemption
The total amount that can be transferred during life and at ...
Portability
A provision allowing a surviving spouse to use the deceased ...
Stepped-up basis
The adjustment of an inherited asset's basis to its fair mar...
Gift tax exclusion
The annual amount that can be given to any individual withou...