Friday, October 31, 2014
Some states that have a state estate tax have enacted laws that create continuing change the estate tax over the coming years. These changes are primarily an increase the exemption amount or to move toward repeal of the estate tax completely. Here are some changes to state law that will play out over the next few years and act to reduce estate taxes for their residents:
- Tennessee: Moving toward complete repeal of the state estate tax in 2016, and incrementally increasing the exemption amount
- Maryland and New York: Increasing state estate tax exemption till it meets and follows the federal exemption in 2019
- New Jersey: Multiple bills introduced to repeal the state’s estate and inheritance tax, or increase the exemption
See Juliette Fairley, Changes in State Law to Impact Estate Planning in 2015 and Beyond, Main Street, Oct. 17, 2014.
Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.