Mikeie Reiland is a staff writer for Education at Forbes Advisor. Before coming to Forbes Advisor, he wrote magazine journalism for publications like the Oxford American, Bitter Southerner, and Gravy.

Inheritance tax has a "basic deduction," and in principle, no inheritance tax is levied if the total value of the estate is equal to or less than the basic deduction amount. Therefore, the first step ...

whether or not it is taxed depends on the amount of assets acquired and the basic deduction amount.