There has been a marked uptick in state-level activity on the estate tax front. With numerous legislative proposals swirling, which ones survived?
When it comes to the federal level and the estate tax, we’re all simply waiting for some word from Congress and the White House. As if that weren’t enough, you need to keep a sharp eye on your own legislature and governor too.
Recently, Wealth Strategies Journal took a snapshot of 16 states considering amendments, higher exemptions, and even outright repeals. As you might expect, the results were mixed. The article is titled Multi-State Estate Tax Update: Much Activity – What Are The Results?
Here’s the takeaway. With many state budgets bleeding red ink, all sources of potential revenue are on the table, to include inheritance and estate taxes at the state level. So even if your state does not currently have such taxes, things can change in the future.
Contact Meier Law Firm to discuss all of your estate planning questions.
Reference: Wealth Strategies Journal (July 10, 2012) “Multi-State Estate Tax Update: Much Activity – What Are The Results?”