Personal Finance

Taxes

See:

Gift tax

Retirement

Pension

Defined benefit pension plan

Social Security

401(k)

  • 403(b) – non-profits

  • 457(b) – governmental employers

Estate planning

“Probate”

Will and Testament

Inheritance tax

  • Inheritance tax is paid by the beneficiaries. (“double taxation”)

Intestacy

Note

If the default state order of succession applies (e.g. when there is no other will defined), for one matching class to gift all or part of their inheritance to others, they then must pay both Inheritance tax and Gift tax on any amount over the annual exclusion for the year.