Estate taxes, also known as death taxes, are levied on the transfer of an individual's assets upon their passing. These taxes are imposed by the government and are based on the value of the deceased's estate. It is important to note that not all estates are subject to estate taxes, as there are certain exemptions and thresholds that determine the applicability of these taxes. Understanding estate taxes is crucial in financial planning and can greatly impact the distribution of one's assets after death.
