If one dies and leaves a taxable estate, does the government get the tax on the estate and the recipient (through a will, etc.) of the estate also get an "income" tax on the received estate?
Ask over on the Tax Strategies board:http://boards.fool.com/Messages.asp?mid=24572535&bid=100155
I am not a tax expert but I am dealing with estate issues for our family and here is what I do know. First there is an established threshold under the current tax laws that state that a certain amount of money is protected and would not be taxed under the estate. I think this amount currently is 1-2 Million $. Your other question is about taxes for the recipient. The recipient pays not tax on the amount received. If any taxes are due they are paid by the estate. Again, I am not a tax expert and I would suggest you talk to a CPA and / or an attorney.
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