Monday, June 6, 2022
Where Not To Die In 2022: The Greediest Death Tax States
With state’s experiencing budget surpluses, some states have begun slashing income taxes in the past year. However, only two states have made any changes to their estate or inheritance taxes.
Estate and/or inheritance taxes at the state level operate separately from federal estate tax, which applies to estates valued at $12.06 million per person. States kick in at a much lower dollar amount, making it important for more people to plan ahead.
For example, in Massachusetts, the tax exemption has not been adjusted for inflation in sixteen years. It is now impacting middle-class families who may have seen their houses and retirement accounts appreciate and were hit with surprise tax bills.
For more Information:
See Ashlea Ebeling, “Where Not To Die In 2022: The Greediest Death Tax States”, Forbes, May 13, 2022.
Special thanks to Joel C. Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.
https://lawprofessors.typepad.com/trusts_estates_prof/2022/06/where-not-to-die-in-2022-the-greediest-death-tax-states.html
Um, little newsflash here—estate of >=$1m is NOT middle class. You have to be kidding me. Also, it's not "impacting" the people with the estates either. Those people are, you know, what we call in the business ... dead.
If anything, the federal exemption should be LOWER, not the state ones higher.
Posted by: kotodama | Jun 6, 2022 7:33:06 PM