A fuller guide to this term is on the way. In the meantime, the related terms below explain the ideas around it.
Related Brickyard terms
- Estate TaxA federal or state tax on the value of a large estate before assets pass to heirs.
- Inheritance TaxA state tax that some heirs pay on the value of property they receive from someone who died.
- Step-Up in BasisA tax rule that resets an inherited asset's value to its worth at the owner's death, reducing capital gains.
- Irrevocable TrustA trust that usually cannot be changed once created, often used to reduce taxes or protect assets.
- EstateEverything you own at death, including money, property, and belongings, minus what you owe.
- Net WorthWhat you own minus what you owe — the clearest scorecard of your financial progress.
Turn this into a brick
Knowing what Gift Tax means is knowledge — the first half. A brick gets placed when you act on it.
More in Estate Planning
Plain-English education — not personalized legal, tax, or investment advice.