A fuller guide to this term is on the way. In the meantime, the related terms below explain the ideas around it.
Related MoneyPedia terms
- Estate TaxA federal or state tax on the value of a large estate before assets pass to heirs.
- Gift TaxA federal tax that may apply when you give away money or property above the annual exclusion amount.
- HeirA person legally entitled to inherit from someone who dies, especially when there is no will.
- BeneficiaryA person or entity you choose to receive assets from a will, trust, account, or insurance policy.
- EstateEverything you own at death, including money, property, and belongings, minus what you owe.
- Step-Up in BasisA tax rule that resets an inherited asset's value to its worth at the owner's death, reducing capital gains.
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Plain-English education — not personalized legal, tax, or investment advice.