Does your State have an Inheritance or Estate Tax?

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:

https://taxfoundation.org/