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The estate tax in the United States is a tax assessed against the estate of a deceased person, before property (real estate, stocks and bonds, business interests, etc. ) is transfered to heirs or assigns according to terms of a will or state intestacy laws. The estate tax is one part of the Unified Gift and Estate Tax system in the United States. The other part of the system, the gift tax, assesses a tax on transfers of property during a person's life; it prevents avoidance of the estate tax should a person want to give away his/her estate just before dying.

In addition to the federal government, many states also assess an estate tax, with the state version called either an estate tax or an inheritance tax. Credit Repair. Since the 1990s, the term death tax has been widely used by those who want to eliminate the estate tax, because the terminology used in discussing a political issue affects popular opinion. [1] Recently, the term "Paris Hilton tax" has been used among proponents of the tax because it would affect high income individuals, such as millionaire socialite heiress Paris Hilton.

If an asset is left to a spouse or a charitable organization, the tax usually does not apply. The tax is imposed on other transfers of property made as an incident of the death of the owner, such as a transfer of property from an intestate estate or trust, or the payment of certain life insurance benefits or financial account sums to beneficiaries.

Federal estate tax

The Federal estate tax is imposed "on the transfer of the taxable estate of every decedent who is a citizen or resident of the United States. Lead generation program and marketing training for Life insurance agents. " See 26 U. S. C.  § 2001(a).