1. Money  Understanding Death, Estate, and Inheritance Taxes
Types of Federal and State Taxes Imposed After Death    There
are two types of taxes that can be assessed against your
property after you die - estate taxes and inheritance taxes,
both of which are commonly referred to as death taxes.  1. What
is an estate tax?  An estate tax is a tax imposed by a state or
federal government on the right to transfer property to your
heirs after your death. As of January 1, 2013, the District of
Columbia and the following states impose a separate state estate
tax: Connecticut, Delaware, Hawaii, Illinois, Maine, Maryland,
Massachusetts, Minnesota, New Jersey, New York, North Carolina,
Oregon, Rhode Island, Tennessee, Vermont, and Washington. Refer
to the State Estate Tax and Exemption Chart for a list of each
state's estate tax exemption. With regard to the federal estate
tax, the exemption was $5,000,000 for 2010 and 2011, $5,120,000
for 2012, and $5,250,000 for 2013.  2. What is an inheritance
tax?  An inheritance