| They say that two things are inevitable in life: death | | | | there is some truth in the old assertion that inheritance |
| and taxes. We don't much care for thinking about | | | | taxes are paid only by the poorly advised.Most |
| either. Inheritance tax is the one tax we don't pay until | | | | countries, with the exception of the UK and USA, tax |
| we are dead, so perhaps understandably it's a subject | | | | the beneficiaries of a will, rather than the estate itself. |
| way down our list of priorities. When pressed, most | | | | International comparisons are difficult, but the following |
| people express the hope that their families, rather than | | | | details are illuminating: |
| the state, will inherit their wealth when they die. | | | | |
| Western governments vary considerably in the extent | | | | In the USA, a surviving spouse pays nothing. All other |
| to which they accommodate this basic human desire. | | | | bequests above $1.5 US are subject to federal |
| To a greater or lesser degree, death taxes are nearly | | | | taxation at 45%, with additional local taxes pushing that |
| everywhere viewed as a legitimate tool for promoting | | | | figure above 50% in many states. When the current |
| the objective of social equality. Karl Marx, Andrew | | | | republican administration came into office in January |
| Carnegie and John Maynard Keynes had this in | | | | 2001, the lower threshold was only $675,000: it has |
| common: they all favored high inheritance taxes. | | | | more than doubled in just 5 years. The USA now has |
| However, this view is by no means universal: with a | | | | the second-lowest inheritance taxes in the world.In the |
| little planning and a global perspective, there are steps | | | | UK, a surviving spouse again pays nothing. |
| that can be taken to avoid the tax altogether. Indeed, | | | | |