Publications
Impact of State Death Taxes on Estate Planning
Much has been written in the press about the pending (albeit temporary) repeal of the federal estate tax. Less has been written about the actions of state governments to modify (which is to say, increase) state death taxes in the wake of the federal estate tax repeal. Even if it turns out that total federal estate tax repeal is not achieved, the federal estate tax exemption has increased, and, as a result, has eliminated the estate tax at the federal level for many estates. But many people are unaware that an estate that may owe no federal estate tax might still owe a state estate tax. In some cases, the state estate tax can also be eliminated, but that may require changes to one’s estate planning documents.