Fun Fact Friday: Estate Tax
After a person dies, his property and assets turn into his "estate." The federal government takes a part of his estate -- an estate tax -- if the value is over a certain limit. For 2014, the estate tax applies to estates valued at over $5.34 million.
(As always, if you think this might apply to you, talk to your lawyer, accountant, or other professional. This is not a substitute for the personalized advice of your own financial team.)