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Proponents of the estate tax argue that it serves to prevent the perpetuation of wealth, free of tax, in wealthy families and that it is necessary to a system of progressive taxation. [65] A driving force behind support for the estate tax is the concept of equal opportunity as a basis for the social contract. This viewpoint highlights the ...
The administrator of an estate is a legal term referring to a person appointed by a court to administer the estate of a deceased person who left no will. [1] Where a person dies intestate, i.e., without a will, the court may appoint a person to settle their debts, pay any necessary taxes and funeral expenses, and distribute the remainder according to the procedure set down by law.
In common law, an estate is a living or deceased person's net worth.It is the sum of a person's assets – the legal rights, interests, and entitlements to property of any kind – less all liabilities at a given time.
For 2022, the maximum you could end up paying monthly for Medicare Part B is $578.30. ... The earning on any assets you inherit would be taxable, however, unless the asset itself is tax-free.
Next, find out about free tax software you can use in 2025. Trending Now: Suze Orman's Secret to a Wealthy Retirement--Have You Made This Money Move? How Does the IRS Direct File Program Work?
The filing deadline for most 2023 federal and state of Indiana income tax returns is April 15, 2024.
An inheritance tax is a tax paid by a person who inherits money or property of a person who has died, whereas an estate tax is a levy on the estate (money and property) of a person who has died. [1] However, this distinction is not always observed; for example, the UK's "inheritance tax" is a tax on the assets of the deceased, [ 2 ] and ...
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