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Is inheritance money taxable to the people that receive the money?
Asked on June 9, 2009 under Estate Planning, Missouri
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
No, in Missouri, inheritance money is not taxable to the people that receive the money.
An inhetitance tax is an assessment made on the portion of an estate received by an individual. It differs from an estate tax which is a tax levied on an entire estate before it is distributed to an individual. Missouri had an iinheritance tax law but it was changed in January 1981 to the estate tax. Around 2002, the law changed yet again. Currently, in Missouri no estate tax is imposed and no estate tax return. So in essence there is no inheritance nor estate tax in Missouri.
Note: There is still a federal estate tax.