If you pass away and leave property, money or possessions to a loved one, your estate may owe a tax to the government. While there is no federal inheritance tax, some states do require that some ...

An inheritance tax is levied when a beneficiary inherits assets from the estate of someone who died. There is no federal inheritance tax, but five states currently levy this tax: Kentucky, Maryland, ...

That’s particularly true in a handful of states where an inheritance tax still applies. Unlike federal estate taxes, which affect only the ultrawealthy, these state-level taxes can hit ordinary heirs.

Nebraska lawmakers advanced a bill Tuesday that would slash the state's inheritance tax rates while also identifying revenue streams to offset the potential financial loss suffered by counties. Sen.