[TheRealThing]

No, it is what it is. You were trying to twist facts and tell untruths to make people think the government takes more than they do. How many people do you know that inherited more than 5 million? That's what you people do. The 5mil might be federal, but KY takes nothing for any amount.

Some people just can't quit when they're ahead, and some people can, guess which catagory you fit in?

INTRODUCTION

Kentucky has two death taxes.

Inheritance Tax
The Kentucky inheritance tax is a tax on a beneficiary’s right to
receive property from a deceased person. The amount of the inheritance tax
depends on the relationship of the beneficiary to the deceased person and
the value of the property. Most of the time, the closer the relationship the
greater the exemption and the smaller the tax rate. All property belonging
to a resident of Kentucky is subject to the tax except for real estate located
in another state. Also, real estate and personal property located in Kentucky
and owned by a nonresident is subject to being taxed.
If the inheritance tax is paid within nine months of date of decedent’s
death, a 5 percent discount is allowed. The tax due should be paid when
the return is filed. However, if the beneficiary’s net inheritance tax liability
exceeds $5,000 and the return is filed timely, an election can be made to pay
the tax in 10 equal annual installments. The first installment is due at the time
the return is filed. The portion of the tax deferred is charged with interest at
the rate established by law beginning 18 months after the date of death.
There are three classes of beneficiaries: Class A, Class B, and Class C.
Class A beneficiaries include:
surviving spouse, parent, child, grandchild, brother, sister, halfbrother,
and half-sister
If the date of death is after June 30, 1998, all Class A beneficiaries
are exempt from paying Kentucky inheritance tax.
Class B beneficiaries include:
niece, nephew, half-niece, half-nephew, daughter-in-law, son-inlaw,
aunt, uncle, great-grandchild
Note: nieces and nephews by marriage and great-nieces and
great-nephews are Class C beneficiaries.
Class B beneficiaries receive a $1,000 exemption and the tax
rate is 4 percent to 16 percent. See tax chart on pages 6 and 7.
Class C beneficiaries include all persons not included in Class A or Class B.
Cousins are considered Class C beneficiaries. Class C beneficiaries receive
a $500 exemption and the tax rate is 6 percent to 16 percent. See tax chart
pages 6 and 7.


2 Estate Tax
Since January 1, 2005 there has been no Kentucky estate tax, but
it could come back on January 1, 2013. The federal Economic Growth and
Tax Relief Reconciliation Act of 2001 enacted a phase out of the state death
tax credit on the United States Estate (and Generation-Skipping Transfer) Tax
Return, federal Form 706, by December 31, 2004. This phase-out was not
made permanent and was to end on December 31, 2010. On December
17, 2010, President Obama signed the Tax Relief, Unemployment Insurance
Reauthorization, and Job Creation Act of 2010 (2010 Tax Relief Act), which
extended this phase-out through December 31, 2012.
In the past, the estate tax was calculated as the difference between
Kentucky inheritance tax and the state death tax credit allowed on the United
States Estate (and Generation-Skipping Transfer) Tax Return, federal Form
706. Presently, a deduction for state death tax paid is allowed under federal
law.
There is no discount allowed on estate tax.
For answers to questions pertaining to the filing of a Federal
Estate and Gift Tax Return, you can call the IRS at (800) 829-1040

http://revenue.ky.gov/NR/rdonlyres/6D844...e_2011.pdf

As to the bolded. No I wasn't, read the percentages for yourself. Some taxes are obviously defered right now and I failed to notice that fact.