The Estate Tax is a tax on your right to transfer property at your death. Federal estate and gift taxes.However, see Line 16 , later, if you had income in respect of a decedent. The estate tax is a federal tax on the transfer of the estate of a person who dies. New York State's estate tax is calculated using the tax table provided on Form ET706. There are multiple versions of Form ET-706. You may be eligible to claim some valuable personal income tax credits available on your Maryland tax return. Real Estate Finance is a business law and finance course examining federal, state and local laws which pertain to the real estate industry. Inheriting a trust comes with certain tax implications.