Estate Tax: The Basics

Estate Tax: The Basics by Tom Sciacca

{Read in 4 minutes} Many people have heard of estate tax, but not everyone understands whether or not it would be applicable to them.

In its simplest form, the estate tax is a death tax. Any assets that change hands by reason of one’s death is subject to the estate tax. It does not matter if the assets pass under the Will as part of the probate process or pass automatically by operation of law to named beneficiaries. For example, a person’s condo, which usually passes according to the terms of their Will, is equally subject to the estate tax as are their retirement accounts that names beneficiaries who inherit directly.

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