Julia Kagan is a financial/consumer journalist and former senior editor, personal finance, of Investopedia. Lea Uradu, J.D., is a Maryland state registered tax preparer, state-certified notary public, ...

That’s particularly true in a handful of states where an inheritance tax still applies. Unlike federal estate taxes, which affect only the ultrawealthy, these state-level taxes can hit ordinary heirs.

IHT is paid on the estate of someone who has passed away. There’s normally no tax to pay as long as the value of the estate ...

Dear Liz: I own several properties. I have a living trust that names my two minor children as beneficiaries. I’ve told my attorney that I want to transfer the properties to my children using the ...