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Posts Tagged ‘inheritance tax’

Just when you thought the estate tax had lost its bite, it turns out more states want to tax your estate.

According to Forbes, the budget troubles and rising deficits hitting nearly every state are making them more aggressive about finding revenue wherever they can – including taxing your estate. Illinois recently became the latest state to impose an estate tax, making it retroactive to the beginning of the year.  All told, 12 states and the District of Columbia now impose a state estate tax of some sort. Eight states enforce an inheritance tax and two states (New Jersey and Maryland) impose both an estate and an inheritance tax. β€œIt’s a very confusing situation,” says Anita Sarafa, a managing director and…

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Reasons to have an estate plan.

Estate planning is for everyone, regardless of age or net worth.