According to a recent survey conducted by Care.com, only 42 percent of adults in the U.S. have an estate plan -- meaning an alarming 6 out of 10 have no wills or trusts in place should they pass away. While these numbers are bad enough, they are actually even worse among millennials.
In the world of estate planning, "Death Taxes" or more properly called, Estate Taxes, make headlines. What you call these taxes when someone passes away depends on your political bent. Republicans use the phrase Death Taxes while Democrats like to call the Estate Taxes. Whatever your bent, everyone wants to know what they are and if they need to be concerned about them. So what are they?