Hi
The federal estate tax exemption is high enough that most people don't need to worry about federal estate taxes. However, some states have much lower estate tax exemption limits, and state estate taxes could take a significant chunk out of the assets you want to leave to your heirs. There could be a lot of money at stake, so it is important to watch for as I explain in my
YouTube on State Estate Taxes.
In the YouTube, I mention signing up in order to get a copy of a chart showing state estate taxes. But you're already on my email list, so check out the chart I am providing below. It shows the current state estate and inheritance taxes.
Lee Phillips, JD
US Supreme Court Counselor
P.S. Join us at
Boot Camp to learn exactly what you can do to protect your assets and make sure they go where you want them to. June 3-4 is pretty full but we just scheduled another for
September 23-24.. I keep it to just twelve registrations (each includes you and a partner), so
claim your spot now!
|
State
|
Rate
|
Exemption
|
|
Connecticut
|
12%
|
$3.6 million
|
|
District of Columbia
|
16%
|
$11.4 million
|
|
Hawaii
|
16%
|
$11.4 million
|
|
Illinois
|
16%
|
$4 million
|
|
Maine
|
12%
|
$11.4 million
|
|
Maryland
|
10%
|
$11.4 million
|
|
Massachusetts
|
16%
|
$1 million
|
|
Minnesota
|
16%
|
$2.7 million
|
|
New York
|
16%
|
$11.4 million
|
|
Oregon
|
16%
|
$1 million
|
|
Rhode Island
|
16%
|
$1.561 million
|
|
Vermont
|
16%
|
$2.75 million
|
|
Washington
|
20%
|
$2.193 million
|
The following states have Inheritance Taxes:
Iowa 15%
Kentucky 16%
Maryland 10%
Nebraska 18%
New Jersey 16%
Pennsylvania 15%
