Wills, Trusts & Estates

and influence of dynastic wealth including the bestselling book Capital in the Twenty-
First Century by the French economist Thomas Piketty.
Bill Gates uses the term in his article "Why Inequality Matters".
Taxation
Many states have inheritance taxes or death duties, under which a portion of any estate
goes to the government.
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Inheritance Tax
An inheritance or estate tax is a tax paid by a person who inherits money or property
or a levy on the estate (money and property) of a person who has died.
International tax law distinguishes between an estate tax and an inheritance tax—an
estate tax is assessed on the assets of the deceased, while an inheritance tax is
assessed on the legacies received by the estate's beneficiaries. However, this
distinction is not always observed; for example, the UK's "inheritance tax" is a tax on the
assets of the deceased, and strictly speaking is therefore an estate tax.
For historical reasons, the term death duty is still used colloquially (though not legally)
in the UK and some Commonwealth countries.
Varieties of Inheritance and Estate Taxes
Belgium, droits de succession or successierechten (Inheritance tax).
Collected at the federal level but distributed to the regional level.
Bermuda: stamp duty
Brazil: Imposto sobre Transmissão "Causa Mortis" e Doação de Quaisquer
Bens ou Direitos (Tax on Causa Mortis Transmission and as Donation of any
Property and Rights). Collected at the state level. The Brazilian Senate limited
the maximum rate to 8%,.
Czech Republic: daň dědická (Inheritance tax)
Denmark: Boafgift (estate duty). Collected at state level. Different rates
depending on the relation to the deceased. Spouse: 0%. Children: 15%. Other
relatives: 15% of the estate sum + additional 25% of the individual sum. The
estate duty is calculated on the sum of the estate after deducting a free
allowance on the estate (289,000 DKK in 2018).
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