Wills, Trusts and Estates by James L. MAdden, © 1927
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220 WILLS, TRUSTS AND ESTATES
ligious, educational, and other institutions of a simi-
lar character.
EXEMPTIONS
Estates under a certain size may not be subject to an
inheritance tax. There is no uniformity in the amount
of this exemption; it is quite small in some states and
large in others. In many states the exemption also
varies with the class of beneficiary, being large for di-
rect heirs but small for heirs more distantly removed.

RATES OF TAX
The rates usually vary with the class of beneficiary
and are graduated according to the size of the estate.
Maryland is an exception in this respect, as the tax
there is 5 per cent on all legacies except those to direct
heirs and charitable institutions. Rates in the other
jurisdictions vary from a minimum of less than 1 per
cent on small estates to direct heirs, to a maximum
ranging between 10 and 30 per cent, as in Missouri
and California, for large estates to certain collateral
heirs. There are some instances of even higher rates.

TAXABLE PROPERTY
The policyholder should know the inheritance tax
liability attaching to the different types of property.
The tax levied by the state in which the deceased re-
sided may not be the only one to which his property
will be subject. Thus, in addition to the state of resi-
dence, the state in which the securities are deposited

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