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Inheritance Tax Waiver

Inheritance tax is a form of tax that is applied to an estate, or the over-all value of property and money of an individual who has died. In some parts of the globe, inheritance tax is also referred as estate tax but there is a significant difference between estate tax and inheritance tax. Estate tax is being charged to the relatives of the deceased or any person with proximate relation to the deceased while in the other hand, inheritance tax is being charged to the beneficiary of the deceased. Yet, this distinct difference is not always observed.

Normally, the asset inherited by the beneficiary should be ensured that its corresponding inheritance taxes are paid. If this condition is met, a state or any taxing authority can provide a document that provides a proof that all inheritance taxes are compensated. This document is known as inheritance tax waiver. There are some states in the U.S. that do not necessarily require the acquisition of an inheritance tax waiver. There are several situations were inheritance tax waiver is not needed. Since the tax waiver is not a major issue in most states, they have a policy that the payment of inheritance tax is only applicable if the person received the inheritance of the property before 1980's. In some states, like Connecticut, the spouse of the deceased is exempted from filing an inheritance tax waiver. Some states have different requirements when issuing inheritance tax waivers. A few examples of these states are Hawaii and New Jersey. In Hawaii, inheritance tax waiver is needed if the deceased is a legal resident of Hawaii whose death occurred before July 1, 1983 and the safety of a corporation integrated in Hawaii. In the case of New Jersey, inheritance tax waiver is required if the deceased was a legal resident of New Jersey and the safety of a corporation integrated in New Jersey. Official declaration of waiver should be used when the property will be transferred to the spouse and the death occurred after July 1, 1987 and when the property will be transferred to a beneficiary who's related to the deceased and the death occurred after July 1, 1988.

In most cases, inheritance tax waiver requirements depend on the parameters set by a state. A state requires filing of an inheritance tax waiver given that the death of the deceased occurred on a specified date that is set by the state.

Discuss It!
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Lorraine Smith said:

I am the sole beneficiary of a traditional IRA valued at 2 Mil. They are asking for an Inheritance Tax Waiver to transfer this account trustee to trustee. Can I acquire an inher. tax waiver separate that applies to this IRA only, and then gwt another inheritance tax waiver for the remainder of the estate? The problem is that I may not live more than a year and I need to secure the IRA for my beneficiaries.

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