estate tax

Definition

Tax imposed on the transfer of property from a deceased to his/her heirs, legatees or devisees.

Use estate tax in a sentence

There would be some estate tax that had to be paid on the property as soon as possible and without question.

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You should always factor in the estate tax into your budget so that you know you can afford everything on your plate.

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After my grandmother died, we had to sell off her farm in order to pay the exorbitant estate tax the government charged.

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Federal estate tax irrevocable trust