Estate tax is a federal tax on the transfer of a person’s assets at death, and in 2025 it generally applies only to estates above the federal exemption (about $13.6 million per person). Some states also impose their own estate or inheritance taxes with lower thresholds. This article explains how estate tax works, what counts […]
An inheritance is the money, property, or other assets a person receives after someone dies, typically through a will, trust, or state intestacy laws. The amount and timing depend on the decedent’s estate plan, outstanding debts, and probate or trust administration requirements. This article explains what counts as an inheritance, how it’s transferred, who is […]
A testamentary trust is a trust created in a will that takes effect only after the person dies. It lets a named trustee manage and distribute assets for beneficiaries under the will’s instructions, often to protect minors or control timing. This article explains how it works, key pros and cons, and when it’s used. Understanding […]
A testament is a written legal document that states how your property will be distributed after death and typically names 1 executor to carry out those wishes. It’s commonly called a will or “last will and testament” and must meet state signing and witness rules to be valid. This article explains what a testament is, […]
