The Inheritance

The inheritance laws regarding taxation vary from state to state. Some locations levy an inheritance tax on beneficiaries of an estate. Estate taxes on a state or federal level may also be calculated if the dollar value of the assets is high. The specific details of these taxes vary and they keep being suspended and reinstituted. This can make estate planning difficult. However, various types of trusts can be used to avoid paying unnecessary estate taxes.

The inheritance process in the U.S. is an important social factor that continues to contribute to class stratification. Inheriting assets allows certain individuals to accumulate wealth at a rapid pace by building on an existing financial foundation. Since property can pass down through generations over hundreds of years, many groups are financially and socially disadvantaged by being relatively new property owners. For example, African Americans are generally only able to provide a very small inheritance to their heirs compared to Caucasian Americans. Some people argue that "death taxes" imposed on large sums of inherited wealth are a good way for the government to tax assets that were not gained through a person's own hard work and efforts. Others believe that death taxes are unfair and should be abolished.

Fast Facts

  • According to a calculation from the Federal Reserve Board's 1998 survey on consumer finances and trends, almost 92 percent of the U.S. population may never receive a monetary inheritance.
  • In 2004, the median African American household only had a net worth (including home value) of $11,800 - one tenth the value of the median Caucasian American household.

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