Is there a way to reduce the inheritance's value?
-
The market value less certain deductions are the taxable value.
You may write off any legitimate debts, expenditures, and expenses. Debts that are legally required to be paid, whether or not they are paid with the benefit, would fall under this category. Funeral fees, the costs of managing the estate, or debts owing by the dead may all be covered by an inheritance Tax. They might add legal fees or stamp duty as a present.
If you pay for the benefit or make a financial contribution in exchange for it, this may also be removed. A "consideration" is what we call something like this. There are various considerations taken into account when determining the worth of anything when you don't get complete ownership but just enjoy a benefit for a short time.