§ 140.010 Levy of inheritance tax — Property affected — When tax attaches
§ 140.015 Exemption of benefits from federal government arising out of military service
§ 140.020 Taxation of transfers made in contemplation of death — Revocable trusts — Presumption of contemplation — When presumption does not apply
§ 140.030 Taxation of contracts in contemplation of death — Proceeds of life insurance policies — Exemptions
§ 140.040 Taxation of transfers by power of appointment — When transfer deemed to take place — Date as of which value of property determined — Remainder interests — Rates and exemptions
§ 140.050 Taxation of surviving owner of a joint interest
§ 140.060 Exemption of transfers to educational, religious and charitable institutions, and to cities and public institutions
§ 140.063 Exemption of annuities or other payments under employees’ trusts — Retirement annuities — Individual retirement bonds, accounts, and annuities
§ 140.070 Inheritance tax rates
§ 140.080 Exemptions of inheritable interests
§ 140.090 Deductions allowed from distributive shares
§ 140.095 Credit in case same property passes again within five years
§ 140.100 Valuation of future and contingent estates — Taxation of life estates — Valuation of surviving spouse’s interest in trust or life estate
§ 140.110 Taxation of contingent and defeasible estates
§ 140.120 Taxation of gifts to fiduciaries
§ 140.130 Levy of estate tax — Computation — Payment — Administration
§ 140.140 Payment of estate tax under protest — Action to recover — Refund
§ 140.160 Supervision of collection of taxes by Department of Revenue — Limitation on actions to collect taxes
§ 140.165 Audits, appraisals and examinations — Finality of return and payment
§ 140.170 Appraisal of estates — Appointment, duties and compensation of appraisers — Records
§ 140.180 Reports by personal representatives and trustees
§ 140.190 Computation of and liability for taxes
§ 140.210 Payment of taxes — Discount — Interest — Bond for payment
§ 140.220 Collection of taxes by personal representative or trustee — Sale of property for tax — Recovery of taxes from trust or life estate property
§ 140.222 Deferred payment of inheritance tax — Interest — Time and method of election to defer — Liability for deferred payments
§ 140.224 Bond to secure installment payment of inheritance tax
§ 140.230 Deduction of taxes from interest less than fee — From legacy charged on real property
§ 140.270 Appraisal and taxation of estate of nonresident — Notification of state of domicile — Reciprocity
§ 140.275 Exclusion of intangible personal property held in trust, under reciprocal agreements with other states
§ 140.280 Suits here by other states to collect taxes due — Reciprocity
§ 140.285 Agreement with taxing authorities of other states
§ 140.290 Refund of tax when debts are proved after deduction of tax
§ 140.300 Definitions for KRS 140.310 to 140.360
§ 140.310 Assessment of agricultural or horticultural land for inheritance tax purposes
§ 140.320 Taxation of land converted from agricultural use
§ 140.330 Land presumed assessed at agricultural value — Procedure when not so assessed
§ 140.340 Reporting of qualified real estate at agricultural or horticultural value
§ 140.350 Issuance of tax waivers — Liens — Procedure
§ 140.360 Limit on reduction of taxable value
§ 140.990 Penalties
§ 140.991 Civil penalties for violation of chapter
will 560x170

Ask a will, trust or estate question, get an answer ASAP!
Thousands of highly rated, verified estate & trust lawyers.
Click here to chat with a lawyer about your rights.

Terms Used In Kentucky Statutes > Chapter 140 - Inheritance and Estate Taxes

  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • Appraisal: A determination of property value.
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Bequest: Property gifted by will.
  • Contemplation of death: The expectation of death that provides the primary motive to make a gift.
  • Decedent: A deceased person.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Dependent: A person dependent for support upon another.
  • Donee: The recipient of a gift.
  • Donor: The person who makes a gift.
  • Executor: A male person named in a will to carry out the decedent
  • Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
  • Foreign: when applied to a corporation, partnership, limited partnership, business trust, statutory trust, or limited liability company, includes all those incorporated or formed by authority of any other state. See Kentucky Statutes 446.010
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Grantor: The person who establishes a trust and places property into it.
  • Gross estate: The total fair market value of all property and property interests, real and personal, tangible and intangible, of which a decedent had beneficial ownership at the time of death before subtractions for deductions, debts, administrative expenses, and casualty losses suffered during estate administration.
  • Intangible property: Property that has no intrinsic value, but is merely the evidence of value such as stock certificates, bonds, and promissory notes.
  • Inter vivos: Transfer of property from one living person to another living person.
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • Intestate: Dying without leaving a will.
  • Legacy: A gift of property made by will.
  • Legatee: A beneficiary of a decedent
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Life estate: A property interest limited in duration to the life of the individual holding the interest (life tenant).
  • Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
  • Marital deduction: The deduction(s) that can be taken in the determination of gift and estate tax liabilities because of the existence of a marriage or marital relationship.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Partnership: includes both general and limited partnerships. See Kentucky Statutes 446.010
  • Personal property: All property that is not real property.
  • real estate: includes lands, tenements, and hereditaments and all rights thereto and interest therein, other than a chattel interest. See Kentucky Statutes 446.010
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
  • Testator: A male person who leaves a will at death.
  • Trustee: A person or institution holding and administering property in trust.