Select any one of the 50 states and research if that state imposes an inheritance tax....

Select any one of the 50 states and research if that state imposes an inheritance tax. Who is the inheritance tax imposed against? Does the state offer any exemptions?
I would like to choose Kansas or Minnesota as my state (300 detailed words needed)..

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Expert Solution

I choose Kansas as the state of research for Inheritance tax.

Inheritance Tax – Inheritance tax is imposed on the assets inherited from a deceased person. If the assets are inherited from the spouse, the inheritance is not taxed. Even, the children in some states are exempt from inheritance tax or face very low rates. Distant relatives and friends of the deceased person who are heirs face higher inheritance tax rates.

The tax rates on inheritance depend on the value of property received by the heir and his relationship with the decedent.

Kansas Inheritance Tax

Kansas eliminated its state inheritance tax in 1998 and has not restated it. If any person receive any property from someone who died after July 1, 1998, that person does not owe any inheritance tax to the state of Kansas.

Inheritance Tax imposed against an individual who inherits money or property. Every individual who inherits part of an estate is responsible of paying inheritance tax on his portion of the estate.

If someone inherit any money or property from someone who lived in the state that imposes inheritance tax, the individual residing in Kansas will end up paying inheritance tax on that property or money inherited.

Few get confused between inheritance tax and estate tax. Estate tax is tax on the estate itself at the time of the person’s death. The executor of the will pays this tax at the time of the death directly out of the value of the estate.

As of 2016, only six states in the US have inheritance taxes: Lowa, Kentucky, Maryland, Nebraska, New Jersey, and Pennsylvania.

ekkarill92 answered 1 year ago

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