Inheritance Tax

Many states have an inheritance tax. Generally, the amount of tax imposed is dependent on who receives the assets from your estate. In New Jersey, for example, there is no inheritance tax on assets received by spouses, descendants, ancestors, and charities. Pennsylvania imposes an inheritance tax on all individuals, except spouses, for inheritances over a certain amount. Each state is different. Check the Web site for your state’s taxing authority to learn more.

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