The Impact of Location on Wealth Transfer
“Does your ability to pass on your wealth to your heirs depend on where you live ... and die? Indeed, it does.”
When the current health crisis finally passes, many people will have spent time considering what they want to do with their remaining years. That may include relocating. For some people, taxes are a real reason to move to a new state, but some states are more tax-friendly than others, says the article “Best States to Die In…For Taxes” from Tucson.com.
Estate and Inheritance Taxes Vary by State
Understanding Estate and Inheritance Taxes
States with Inheritance Taxes
Spousal Exemptions and Other Exceptions
Comparing Inheritance Tax Rates
Navigating State-Specific Exemptions and Tax Rates
Heir Categories and Exemptions
The Worst State for Inheritance and Estate Taxes
The worst state to die in from an inheritance tax and estate tax perspective is Maryland, which imposes a 16% tax on inheritances above $5 million for persons who died in calendar year 2019.
Until recently, New Jersey had a scaled estate tax that ranged from 0.8% to 16.0% on estates over $675,000, but the state no longer imposes any estate tax on the estate of decedents, who die on or after January 1, 2018.
Estate Planning for Tax Efficiency
Real Estate and Inheritance Taxes
Consult an Estate Planning Attorney
Considering Relocation for Tax Benefits
Estate Planning Legacy Planner
Everyday, we work with people who have lost someone they care about. There is so much these folks have to organize and manage. This planner organizes the information they will most need, in our experience, saving so much time and unnecessary cost. Besides organizing your information, it's so important to have a good estate plan that will keep your family out of court and conflict.
Please use the button below to receive a free copy of our Estate Planning Legacy Planner, an organization tool essential to any estate plan designed to help your loved ones take care of you and handle your affairs.