"Nothing raises an American hackle like inheritance, estate taxes, wills and family squabbles over family legacy," Choire Sicha wrote at The Awl. "Americans want nothing more than to keep money in the family, even if they don't have any.
Savings bond interest is subject to gift, inheritance, estate, or other excise taxes, whether federal or state.
Brute luck, whether the good luck of being born privileged or the bad luck of being born with genes that dispose one towards ill health, deserved either the taxation of inherited estates (inheritance tax – not a death tax but a we-share-in-your-good-luck tax) or compensation through collective insurance (social insurance or tax-financed public health systems).
Fee, also called Fee Simple, in modern common law, an estate of inheritance (land or other realty) over which a person has absolute ownership.
If the new distribution affects inheritance or estate tax obligations, the estate will need to be reopened.
Some states impose an inheritance or estate tax in addition to the federal estate tax and tax returns will be required if the decedent lived in, or owned any property in, any of those states.
If paying the debt will reduce the amount of inheritance or estate tax due, you will need to reopen the estate to recalculate the tax.
State inheritance or estate tax is not eligible for the federal income tax deduction for estate tax paid and the federal income tax deduction for federal estate tax paid is not deductible for state income tax purposes in some states.
Others use offshore for reasons of inheritance and estate planning.
As recently as 2007 a majority of the very poorest US voters were in favour of abolishing inheritance tax ("estate tax") despite the fact that less than 1% pay such taxes.
Consequently, for such a system to reach the requisite degree of fairness, either tax rates must be raised on the wealthy, which could lower efficiency, or additional taxes — such as wealth, inheritance or estate taxes, which present fewer problems of economic efficiency — must be imposed or expanded.
