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Inheritance tax calculator
This Invezz inheritance tax calculator will tell you how much you’ll need to spend in inheritance taxes, and how much you’ll have left once those taxes are deducted. Keep reading to see how our inheritance tax calculator works and why it can be a useful tool for you.
How to use our inheritance tax calculator
To use our inheritance tax calculator, follow these steps:
- Enter in the jurisdiction in which you live. In some countries, one inheritance tax rate will apply to everyone; other countries may have different rates by county, state, or province.
- Enter in the current value of each of the assets being inherited. Those assets can include: cash, real estate, retirement savings plans, investments, and businesses.
- Enter in the current value of each of the kinds of debts being inherited. Those can include mortgage debt, personal debts, and others.
- Enter in the taxable gains acquired from all of your inherited assets. For instance, if you inherit an asset that was bought for £10,000 a year ago and it’s now worth £11,000, you would note the £1,000 gain.
- Click calculate to get your totals.
How the inheritance tax calculator works
The Invezz inheritance tax calculator combines the total value of the assets you’ve inherited with the debts you’ve incurred, adjusts them for local tax rates, and tells you what you can expect to collect once your entire tax burden has been settled.
Why should I use it?
Because it’s an important tool that will help you plan responsibly for your financial future. The death of a loved one can cause confusion and uncertainty in addition to sadness, with financial repercussions often taking much longer to process. By using our inheritance tax calculator you can strip emotions out of an emotional process, figure out where you stand following your inheritance, and take steps to invest and allocate the funds you’ve inherited in a deliberate and intelligent way.
What is inheritance tax?
An inheritance is an allotted set of assets passed down from a deceased person (usually a relative, partner, or friend) to a living person, and inheritance tax is the tax you pay as a beneficiary of anything left to you in a person’s will.
An inheritance can take many forms, including cash, financial assets such as stocks and bonds, and real estate. Most countries charge some form of inheritance tax (also called an estate tax), which makes it important to know your local laws and be able to calculate what you’ll owe in inheritance taxes.