Tuesday, May 31, 2016
Estate tax is the tax on your property transferred at death. Tax laws are constantly changing, so there has been much disputed controversy over the years. Most Americans do not need to worry about federal estate tax because of the $5.45 million exemption. There are, however, 14 states and the District of Columbia that maintain estate taxes, and they often impose taxes on smaller estates. Using a variety of estate planning techniques can allow you to reduce or eliminate state estate tax liability. It is important to know what the estate tax laws are in your state and any state you are considering for retirement.
See Dan Caplinger, Does My State Have an Estate Tax?, Motley Fool, May 20, 2016.