It doesn't matter if you are an only child or the youngest of 10. you still follow the same rules as everyone else.

so yea, it is possible you'll pay inheritance tax

This appears to be a difficult question as there are so many variables. Some states mandate estate taxes and tax children of the decedent. Some states do neither. Others are in between.
I would suggest you consult an attorney for information about inheritance tax in your state.

That depends on the bulk of the estate (how much you are inheriting.) A percentage of that is taxed. You have to look at the tax law that applies on the year of their death, it varies from state to state. In some states if under a million, you are tax exempt and have to file a Tax Exemption Certificate with the Estate documents. You can get a tax exemption form from the Clerk of the Court (Probate Division) in your local county.

The inheritance tax or death tax as they call it kicks in at a certain dollar value. For the tax year 2011 the estate tax is 35% but the exemption is 5 million dollars so hopefully your parents are very wealthy. Depending on the value of their estate and how much of it is real estate due to stepped up values etc. that can affect your estate tax. You should be okay. But enjoy your parents while they are alive because you sure miss them when they are gone.

For those similarly situated as the questioner above of this ancient question, inheritance taxes, or estate taxes, are controlled by federal and state law, although not every state has estate taxes. Some states have both estate taxes and inheritance taxes, which are assessed against some receivers of a bequest.

Current federal law exempts estates up to $5 million for an individual, or $10 for a married couple, after certain complicated additions and deductions, or credits.

Connecticut, Delaware, Hawaii, Maine, Maryland, Massachusetts, Minnesota, New Jersey, New York, North Carolina, Ohio, Oregon, Rhode Island, Tennessee, Vermont, and Washington have estate taxes, which exemptions somewhat similar to that of federal law.

Indiana, Iowa, Kentucky, Maryland, Nebraska, New Jersey, and Pennsylvania have inheritance taxes, which exempts spouses. Iowa, Kentucky, Maryland, and New Jersey exempt descendants, while New Jersey exempts domestic partners. Maryland exempts certain transfers of domestic partners.

Accordingly, the answer to the question has several factors to be detailed in order to adequately address the matter. Hopefully, this will be a useful start for anyone now needing to know this information.

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