Monday, June 6, 2022
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.