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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).
Note that this distinction is not always observed; for example, the UK's inheritance tax is a tax on the assets of the deceased, and strictly speaking is therefore an estate tax.For historical reasons, the term death duty is still used colloquially (though not legally) in the UK and some Commonwealth countries.here a jurisdiction has both gift tax and inheritance tax, it is usual to exempt inheritances from gift tax. Also, it is common for inheritance taxes to share some features of gift taxes, by taxing some transfers which happen during the lifetime of the giver rather than on death.