death tax
- A financial charge levied upon the passing of property, like an estate or inheritance, following the owner's demise
- If the estate is substantial enough, a death tax may be imposed when transferring ownership after a person has passed away.
- The death tax applies to the legacy left by the deceased, impacting the amount the inheritors receive.
- In some cases, successions of property are subject to a death tax, reducing the value of the assets transferred.
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