When someone passes away, and leaves their belongings to others, an inheritance tax may apply. In a nutshell, inheritance tax is typically paid by the heirs or beneficiaries who receive the assets, as ...

Giselle M. Cancio has over 10 years of editorial experience and content development in personal finance, education, travel, and sports. Her work has been published on NerdWallet, the Associated Press, ...

An inheritance tax is levied when a beneficiary inherits assets from the estate of someone who died. There is no federal inheritance tax, but five states currently levy this tax: Kentucky, Maryland, ...