Tax Relief: Taxes And Death

Putting those two words together seems kind of redundant doesn’t it; like a double negative. Okay, so maybe that’s a little bit of an exaggeration, but there is actually a death tax. The term is really a derogatory one and is used to refer to the estate tax, which is its official name. Estate (inheritance) tax is a tax on the transfer of the "taxable estate" of a deceased person, whether such property is transferred via a will or according to the state laws of intestacy, when one dies without leaving a will.

Estate tax is a part of the Unified Gift and Estate Tax system. The other part of this system, the gift tax, imposes a tax on transfers of property during a person's life. Of course, this gift tax prevents someone from not paying the estate tax should a person want to give away his/her estate just before dying. Imagine that, a tax imposed to catch you if you legally avoid paying another tax! It seems a bit extreme to do this so that people can’t get some tax relief. Note, though, that if the property is left to a spouse or charitable organization, the tax usually does not apply.


With proper estate planning, it may be possible to decrease the amount of estate tax that may have to be paid; or, at least to plan one’s business to have enough liquidity to pay the taxes upon death. A good tax professional can, therefore, find some tax relief for her/his client with sound financial and real estate advice.

You would think that at least in death that tax relief would automatically be available for the grieving relatives; but, it seems even death is not sacred. Given the sweat, tears and blood that has gone into acquiring assets, it is well worth your time and money to seek the best professional advice to help you protect your assets for your heirs.

By: N.F.Centeno

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