FLORIDA ESTATE PLANNING AND PROBATE LAW BLOG: state estate tax exemption

Showing posts with label state estate tax exemption. Show all posts

CONNECTICUT IS THE LAST STATE WITH A GIFT TAX

♠ Posted by Marc J. Soss in Connecticut Gift Tax,Connecticut legislation,Federal Estate Tax,state estate tax exemption

Currently, the State of Connecticut holds the distinction of being the only state that imposes a gift tax. While the legislation was again proposed, which included a repeal of the Connecticut gift tax retroactive to January 1, 2019, and would have limited federally taxable gifts includable in the Connecticut taxable estate to those made within three years of death, it failed to make it into law. Minnesota (2013), Tennessee (2012), North Carolina (2009), and Louisiana (2008) were the most recent states to repeal their state gift tax. New York and Massachusetts do not impose a gift tax

WHAT WILL YOUR ESTATE PAY IN FEDERAL AND STATES ESTATE TAXES?

♠ Posted by Marc J. Soss in 2017 Federal Estate Tax,2017 federal estate tax exemption,florida probate lawyer,NON-TAX STATE,state estate tax exemption

We live in an ever-changing federal income and estate tax environment. On January 1, 2017, the federal estate tax exemption increased to $5.49 million per individual. That amount excludes over ninety-five (95%) percent of all decedent estates from payment of any federal estate tax. In addition, thirty (30) U.S. states have no estate or inheritance taxes while twenty (20) states and the District of Columbia currently impose an estate (14 states) or inheritance (6 states) tax, or both. As a result, your estate could be exempt from the federal estate tax but subject to a large state estate tax.

STATE ESTATES AND INHERITANCE TAXES IN 2017

♠ Posted by Marc J. Soss in 2017 Federal Estate Tax,asset protection planning,estate planning,ESTATE TAX ELIMINATION,inheritance tax,retirement planning,Sarasota retirement planning,state death taxes,state estate tax exemption

For years it has been discussed that for estate tax purposes it was better to die a resident of certain states than others. The following is an updated list, as of January 1, 2017, of the states which impose a "death or inheritance tax" on its residents and those who follow the Federal Estate Tax Exemption amount. Good States in Which to Die a Resident: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Florida, Georgia, Idaho, Indiana, Louisiana, Michigan, Mississippi, Missouri, Montana, Nevada, New Hampshire, New Mexico, North Carolina, North Dakota, Ohio, Oklahoma, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia, West Virginia, Wisconsin, and Wyoming. Bad States in Which to Die a Resident: Connecticut ($2,000,000), Delaware ($5,490,000), District of Columbia ($2,000,000), Hawaii ($5,490,000), Illinois ($4,000,000), Iowa (inheritance tax on transfers to others than lineal ascendants and descendants), Kentucky (separate inheritance tax), Maine (estate tax and no portability), Maryland ($3,000,000), Massachusetts ($1,000,000), Minnesota ($1,800,000), Nebraska (County Inheritance Tax), New Jersey ($2,000,000), New York ($4,187,500 for April 1, 2016 through March 31, 2017 and then $5,250,000 for April 1, 2017 through December 31, 2018), Oregon ($1,000,000), Pennsylvania (Inheritance Tax), Rhode Island ($1,500,000), Vermont ($2,750,000), and Washington ($2,129,000).