death tax

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  • noun

Synonyms for death tax

a tax on the estate of the deceased person

References in periodicals archive ?
States that remained "coupled" to the federal estate tax system currently have no state death taxes at all since the phase-out of the "pick-up" state death tax credit in 2005.
The Bush Tax Cuts expire at the end of the year and the Obama Death Taxes kick in on January 01, 2013.
CSTs can provide three benefits: (1) elimination of federal death taxes on the first death; (2) elimination of death taxes on CST assets (including any appreciation) upon the second death; and (3) implementing specific instructions on the distribution of trust principal and income to the surviving spouse, children, and grandchildren.
Previously, state death taxes could be subtracted--up to a specified maximum--from the federal estate tax as a credit.
Without the life insurance, however, in a year with tax rates like 2007 a $4Million net worth would attract only $103,920 in state death taxes, a difference of $449,144 of tax or 45% of the last $1Million (the insurance).
If the joint ownership involves spouses, it can result in additional death taxes by under-utilization of death tax exemptions of the estate of the first to die.
Lib Dem spokeswoman Sarah Teather said: "Saddling grieving families with massive death taxes is not the answer.
Simply put, Ohio is imposing an additional estate tax designed to absorb the federal estate tax credit for state death taxes, subjecting its citizens to a tax burden not levied by most states.
Alternatively, Congress could allow an adjustment to basis for state death taxes under Sec.
Though the taxes are repealed in 2010, if Congress does not reinstate the new tax bill prior to January 1, 2011, death taxes return to haunt us at June 6,2001 levels.
Nine out of 10 families whose businesses failed within three years of the owner's death cited the death taxes as a key factor.
It includes information on what should be reviewed and changed in existing estate and wealth-transfer plans in the short term and what kind of flexibility is needed in the long term, as well as the future of state death taxes and the alternative minimum tax, and the federal credit for state-level estate taxes.
In 2001, a decedent's estate is allowed a credit against the federal estate tax for death taxes paid to a state or the District of Columbia.
In one of the scenarios, they demonstrated how gifting minority interests to the children, creating a family limited partnership to hold business real property, and doing a sales-and-leaseback of the principle residence provided a savings of $2 million dollars in death taxes to the heirs of a family-owned business.
On the other hand, states whose death taxes are not directly tied to the federal death tax credit, like New York, will not see dramatic reduction until full repeal of the federal estate tax in 2010.