Estate taxes are deducted from a deceased person'sestate. There are 12 states and the District of Columbia that levy estate taxes, and states tax smaller estates than the federal government. Massachusetts and Oregon have the lowest estate tax thresholds and tax estates over $1 million. Maine an...
The inheritance tax is assessed by the state in which the beneficiary is living. Whether yourinheritancewill be taxed, and at what rate, depends on its value, your relationship to the decedent, and the prevailing rules and rates where you live.12 As with estate tax, an inheritance tax, if...
While most Americans won't have to pay estate taxes, they can have serious implications for those who do. If you believe your estate is large enough for state or federal estate tax to be applied, you should consult with a financial expert to see how you can limit your tax liability. Why...
State-level estate taxes add to the tax burden. Hawaii and Washington have the highest tax rates, at top rates of 20%. Eight other states and the District of Columbia have rates of 16%. Two of those states are Massachusetts and Oregon, each imposing the tax on estates of $1 million or...
Six states have aninheritance tax. This tax is levied against the beneficiaries of your inheritance, but not every state may tax the beneficiaries the same. For example, if you live in Kentucky and leave money to your child, they do not need to pay an inheritance tax on it. If you leav...
State estate taxes are levied by the state in which the deceased was living at the time of death. Inheritance taxes are levied by the state in which the beneficiary lives.State Estate Taxes If you live in a state that has an estate tax, you’re more likely to feel its pinch than you...
Oregon (except Washington County) Texas Utah Wyoming Most of Oregon has no real estate transfer tax. Only Washington County charges such a tax: $1 per $1,000 when the value of a property sale exceeds $13,999. Curious to know how transfer taxes work in your state? We’ve pored through...
property after your death. This can make it difficult to pass on assets to other heirs. A well-written will may allow you to bequeath assets to others, but state laws vary. You shouldtalk to an estate planning attorneyif you live in one of these states, to learn what your options are...
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State Estate Tax Vs. Inheritance Tax There are two types of state "death taxes." A few states impose an inheritance tax rather than an estate tax. (Maryland has the distinction of being the sole remaining state in the U.S. that has both an inheritance tax and an estate tax—but Marylan...