Trusts & Estates BROUGHT TO YOU BY brought to you by Wealth Planning>Estate Planning Tips From the Pros: Importance of State Taxes in Estate Planning Al W. King III provides an overview of the uncertain current and future status of state taxes and how they can impact your client’s planning needs.

Al W. King III | Aug 21, 2023

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Several states have either passed or introduced bills to tax wealthy taxpayers.1 These taxing strategies involve increasing income tax rates, wealth taxes, estate/inheritance taxes and/or insurance premium taxes. Only 12 states2 and Washington, D.C. have estate taxes, and only six states3 have inheritance taxes, with many states trying to mirror the federal estate tax exemption of $12.92 million per individual. Consequently, state estate and inheritance taxes All access premium subscription

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