Fifteen States and the district of Columbia have an Estate Tax, and six states have an inheritance tax. If you live in Maryland and New Jersey you are levied with three forms of death tax, Federal, State Estate and State Inheritance…Ouch!
State Estate Tax Over Percentage Tax
Washington 2.054 Mil 10-20%
Oregon 1 Mil 1-16%
Hawaii 5.43 Mil .8-16%
Minnesota 1.4 Mil 9-16%
Illinois 4 Mil .8-16%
Tennessee 5 Mil 5.5-9.5%
New York 3.125 Mil 3.06-16%
Massachusetts 1.0 Mil .8-16%
Rhode Island 1.5 Mil .8-16%
Connecticut 2.0 Mil 7.2-12%
Delaware 5.43 Mil .8-16%
District of Columbia 5.43 Mil .8-16%
State Inheritance Tax – No Exemption Amount
Nebraska 1-18%
Iowa 0-15%
Kentucky 0-16%
Pennsylvania 0-15%
State Estate and Inheritance Tax
Over %Estate %Inheritance
Maryland 1.5 mil 16% 0-10%
New Jersey 675K .8-16% 0-16%
Inheritance, State and Federal Death Taxes are incredibly expensive to administer and have resulted in lower family business continuation and jobs.
For More Information:
- Guardianship - November 22, 2019
- Understanding Basis and Why it is important to you and your Family? - August 29, 2019
- What Is Probate & Why Is It Important? - August 15, 2019
- Guardianship - November 22, 2019
- Understanding Basis and Why it is important to you and your Family? - August 29, 2019
- What Is Probate & Why Is It Important? - August 15, 2019
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