When Is an Estate Subject to State Death Taxes?
State-level estate and inheritance taxes (often referred to collectively as death taxes) can significantly impact how much ultimately passes to a person’s loved ones, making it essential to understand state death tax rules when creating a comprehensive estate plan.
Estate Taxes Have Not Come to an End?
To paraphrase Mark Twain: reports of the death of state estate taxes are greatly exaggerated. In fact, there are recent signs that states are starting to beef up their estate tax laws, instead of tearing them down. This, of course, is bad news for wealthier Americans, who had hoped that state lawmakers would continue burying these taxes.