unified estate and gift tax

unified estate and gift tax
Category: Wills, Trusts & Estates → Estate Tax

Nolo’s Plain-English Law Dictionary. . 2009.

unified estate and gift tax
   in federal estate taxes, the value of the estate plus gifts upon which no gift tax has been paid are combined to determine the assets upon which the tax is calculated. The estate tax "kicks in" at $600,000 for each deceased person. In larger estates an experienced accountant is virtually mandatory to determine the estate tax (if any) and prepare the tax return.
   See also: estate tax, gift tax

Law dictionary. . 2013.

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