BizTerm Definition
estate taxes
Full Definition

Taxes imposed by the state or federal government on property as it passes from the dead to the living. Currently, federal estate tax is due only if your property is worth at least $625,000 at your death. This threshold will increase to $1 million by 2006, making it even less likely that your estate will owe tax money after you die. Any property left to a surviving spouse (if he or she is a U.S. citizen) or a tax-exempt charity is exempt from federal estate taxes.

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