The previous conclusion that a uniform lump-sum estate tax could implicitly provide annuity income was reached by ignoring the inheritance that agents receive. However, when the agents leave a bequest, they should also receive an inheritance from their parents. Thus, we make the inheritance received—bequests left cycle complete and fully endogenous. Interestingly, the differential timing and sizes of inheritance then generate unequal wealth effects even with actuarially fair annuity markets. To restore the first best, the government has to adopt an estate tax regime that is no longer uniform. Thus, once bequest is fully endogenized, a uniform estate tax no longer bears the annuity role. Further, the differential timing in receiving inheritance creates an unequal wealth distribution, which is also nonstationary. The paper manifests the importance of accounting for and tracing the inheritance received by agents for any crucial policy recommendation.

先前的结论是，统一的一次性遗产税可以隐含地提供年金收入，这是通过忽略代理人获得的遗产而得出的。但是，当代理人留下遗产时，他们也应该从父母那里获得遗产。因此，我们使收到的继承——遗赠离开循环完整且完全内生。有趣的是，即使在精算公平的年金市场下，继承的不同时间和规模也会产生不平等的财富效应。为了恢复最佳状态，政府必须采用不再统一的遗产税制度。因此，一旦遗产完全内生化，统一的遗产税就不再承担年金的作用。此外，继承遗产的不同时间造成了财富分配的不平等，这也是非平稳的。