Death taxes are the tax liabilities of those who inherit property or other assets upon the death of a loved one. On the federal level, death taxes are required only of those receiving $1,000,000 or more, which would be about 2 percent of Americans.

This is also called estate tax or inheritance tax. Inheritance tax is more frequently used in reference to the regulation on the state level. Most states will exempt those who are exempt from the federal estate tax; however some states may still levy the tax only excluding spouses or very close relatives.

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