In this episode, we explore the differences between estate tax and inheritance tax, and how they apply when you receive an inheritance. I’ll share the story of a client whose wife inherited assets from her father and wanted to know if they owed taxes on it. We’ll break down how estate tax applies to the deceased’s assets and when inheritance tax affects those receiving the inheritance, depending on where the deceased lived or owned property. Understanding these tax rules can help you navigate your own financial planning and avoid surprises. Tune in to learn whether inheritance taxes apply to you and how state tax policies may shape financial decisions!