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The Vermont Estate Tax System. Vermont recently enacted new legislation that imposes a state estate tax regardless of whether there is a federal estate tax imposed. Under this new system, estates in excess of $2.75 million dollars are subject to tax (it is unclear whether lifetime gifts are included in this threshold).
An inheritance tax is also a tax on the assets of a decedent. However, the amount of tax depends on the beneficiariesâ relationship to the decedent and the value of the property inherited. Inheritance tax is owed to the state (if the state has an inheritance tax) where the decedent lived.state Tax. An estate tax is a tax on the gross value of an estate transferred at death. It consists of an accounting of everything the decedent owns or has certain interests in at the date of death.