We are independent & ad-supported. We may earn a commission for purchases made through our links.
Advertiser Disclosure
Our website is an independent, advertising-supported platform. We provide our content free of charge to our readers, and to keep it that way, we rely on revenue generated through advertisements and affiliate partnerships. This means that when you click on certain links on our site and make a purchase, we may earn a commission. Learn more.
How We Make Money
We sustain our operations through affiliate commissions and advertising. If you click on an affiliate link and make a purchase, we may receive a commission from the merchant at no additional cost to you. We also display advertisements on our website, which help generate revenue to support our work and keep our content free for readers. Our editorial team operates independently of our advertising and affiliate partnerships to ensure that our content remains unbiased and focused on providing you with the best information and recommendations based on thorough research and honest evaluations. To remain transparent, we’ve provided a list of our current affiliate partners here.
Finance

Our Promise to you

Founded in 2002, our company has been a trusted resource for readers seeking informative and engaging content. Our dedication to quality remains unwavering—and will never change. We follow a strict editorial policy, ensuring that our content is authored by highly qualified professionals and edited by subject matter experts. This guarantees that everything we publish is objective, accurate, and trustworthy.

Over the years, we've refined our approach to cover a wide range of topics, providing readers with reliable and practical advice to enhance their knowledge and skills. That's why millions of readers turn to us each year. Join us in celebrating the joy of learning, guided by standards you can trust.

How do I get an Inheritance Tax Waiver?

By Jodee Redmond
Updated: May 17, 2024
Views: 6,243
Share

An inheritance tax waiver is mandatory in certain jurisdictions in the United States. The document is used in estate matters and it is used as proof that any required inheritance taxes have been paid by the deceased's beneficiaries. In states where the document is required, the Department of Revenue, State Controller or Department of Taxation is responsible for issuing it.

As of the spring of 2011, the District of Columbia and 34 states do not require an inheritance tax waiver be prepared. Estate taxes may still need to be paid in those jurisdictions, depending on the applicable state laws. In some other parts of the U.S., the tax waiver is only used in cases where the deceased passed away before a set date or when there is no surviving spouse.

The applicable law governing whether an inheritance tax waiver must be obtained depends on where the deceased resided at the time of her or her death. The document may be required when the assets being transferred to a beneficiary are stocks. In certain cases, the regulations about whether an inheritance tax waiver is required is determined by where the corporation which issued the stock is located.

If an inheritance tax waiver must be completed, the beneficiary or a representative acting on his or her behalf must request a copy of the form from the appropriate government agency. Forms may also be available online from the government office's website for download.

In some states, a portion of the deceased's bank account is transferred into the estate account and the remaining funds are frozen until after any inheritance taxes are paid. The form must be fully completed and submitted to the agency for processing before the frozen funds will be released.

The waiver form includes the name, Social Security number, date of death and the deceased's last address. It also lists account information for the deceased, including the account balance as of the date of death. The names and contact information for the beneficiaries are also listed on the document.

Once the inheritance tax waiver is filed, it is reviewed to determine that the information is in order and the correct amount of tax has been paid. If the information on the form is true and correct, the state will issue one or more tax waivers. Each waiver will apply to a specific bank or investment account. The executor for the estate requests that the bank release any frozen funds from the estate.

Share
WiseGeek is dedicated to providing accurate and trustworthy information. We carefully select reputable sources and employ a rigorous fact-checking process to maintain the highest standards. To learn more about our commitment to accuracy, read our editorial process.

Editors' Picks

Discussion Comments
Share
https://www.wisegeek.net/how-do-i-get-an-inheritance-tax-waiver.htm
Copy this link
WiseGeek, in your inbox

Our latest articles, guides, and more, delivered daily.

WiseGeek, in your inbox

Our latest articles, guides, and more, delivered daily.