STATES WITH ESTATE OR INHERITANCE TAXES
November 1, 2023
Six states have an Inheritance Tax, twelve have an Estate Tax, and one has both.
These are two separate taxes. Estate Taxes are levied on the value of a person's assets when that person dies and are paid by that person's
estate. Inheritance Taxes are levied on the assets received by others when a person dies. The people who inherit assets pay the tax. Both taxes are complex, including
considering any gifts given before the person dies. Proper Estate Planning before death can be used to minimize or avoid the payment of Estate and Inheritance
Taxes.
- Iowa
- Kentucky
- Maryland
- Nebraska
- New Jersey
- Pennsylvania
Sources< State Statutes, Tax Foundation
These are two separate taxes. Estate Taxes are levied on the value of a person's assets when that person dies and are paid by that person's estate. Inheritance Taxes are levied on the assets received by others when a person dies. The people who inherit assets pay the tax. Both taxes are complex, including considering any gifts given before the person dies. Proper Estate Planning before death can be used to minimize or avoid the payment of Estate and Inheritance Taxes.
- Iowa
- Kentucky
- Maryland
- Nebraska
- New Jersey
- Pennsylvania
About This Blog
This blog introduces important tax issues that may affect you while providing tax news, information, and entertainment while advertising this law firm's legal services.
As with the accompanying website, legal advice is neither intended nor given in this blog.
You should seek the advice of an attorney to discuss how the law may be applied to your unique legal situation.
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