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.

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, ...

If you received a windfall from a loved one, you may wonder whether you need to pay an inheritance tax on your distribution. “An inheritance tax is often used synonymously with estate tax. There’s a ...

Inherited assets from your loved one, whether in the form of cash, stocks or real estate, can be subject to inheritance taxes, depending on your relationship and inheritance value. While most states ...