What is the difference between an estate tax and a gift tax?
A. An estate tax is assessed on all inherited money; a gift tax is only assessed on amounts over $5,000.
B. An estate tax is a tax on the money and property of someone who has died; a gift tax is a tax on money or property given from one living person to another.
C. An estate tax is paid by the executor of an estate; a gift tax is paid by both parties of the gift.
D. An estate tax is paid on money; a gift tax is paid on money and property.