An inheritance is the transfer of assets from a deceased person to heirs, subject to estate taxes above thresholds.
US federal estate tax exemption (2024): $13.61M per individual. Most estates aren't taxable.
Average inheritance in the US: ~$46,200 (median: ~$9,700) — wealth is highly concentrated.
Federal estate tax only applies above $13.61M (2024). Six states have inheritance taxes with varying thresholds.