…State estate and inheritance taxes have
been in constant flux over the last decade. And it’s not just the list of
states that has been changing, but in some states, the level at which the tax
kicks in has been changing (both up and down). So it’s important to stay on top
of this to avoid a surprise tax bill.
Now that 2013 is underway, there
are finally some solid numbers from which to base your tax planning – at least
from a federal tax standpoint, right? But what about those state taxes? If you
reside in one of more than 20 jurisdictions that assess an independent inheritance
or estate tax, it’s time to start paying attention to your state’s tax changes.
Forbes recently provided some helpful information in an article
bluntly titled “Where Not To Die in 2013.”
There always are myriad state
level taxes to consider. However, here’s the rub: several states may overlap one
tax-wise, not to mention federal level taxes. For example, 22 jurisdictions
(including the District of Columbia) exact some form of taxation. Problem: none
of the taxes for these jurisdictions were written with the current federal
taxation limits in mind, because those have only been on the books since the
beginning of the year.
So what states are the worst for
2013? It’s worth clicking over to the original article and map on Forbes.
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Reference: Forbes
(January 28, 2013) “Where Not To Die in 2013”