unified transfer tax
- A levy mandated by the Internal Revenue Code that applies to a cumulative total of gifts exceeding a designated amount given by an individual throughout their life, as well as on possessions transferred after death
- The unified transfer tax is of concern to the wealthy individual who plans to leave significant assets to their heirs.
- The regulations of the Internal Revenue Code are clear on items subject to the unified transfer tax.
- It's important to understand the implications of the unified transfer tax when crafting a robust estate plan.
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