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Today's Terms
Will
Definition:
A written document that provides instructions for disposing of a person's property upon the person's death. A will generally also names an executor or personal representative to handle the estate.
Exemption Credit
Definition:
The amount of tax credit, similar in nature to the personal income tax exemption, applied to the transfer tax due at a person's death.
Inheritance Tax
Definition:
A tax imposed by the state at the time of a person's death that is based upon the total value of the decedent's estate
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