unified transfer tax

Definition of "unified transfer tax"
  1. 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
How to use "unified transfer tax" in a sentence
  1. The unified transfer tax is of concern to the wealthy individual who plans to leave significant assets to their heirs.
  2. The regulations of the Internal Revenue Code are clear on items subject to the unified transfer tax.
  3. It's important to understand the implications of the unified transfer tax when crafting a robust estate plan.

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