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Is inheritance tax less in certain states? such as California/ Nevada?
Yes...Some states have an "Inheritance Tax" and other states impose an "Estate tax". They are two different taxes. They can be vastly different in terms of the percentage, limits and rules. If you have a concern about this, I would recommend meeting with a competent etstate planning attorney familiar with the rules in your state.
The federal estate tax (or "death tax") is imposed on the transfer of the taxable estate of the deceased. Currently, it has a $5.12 million exemption and the tax rate is 35%. The exemption is scheduled to decrease to $1 million and the tax is scheduled to increase to 55% on 1/1/2013 (baring any changes to the current law).
Some states also have estate or inheritance taxes, but can have different rules and a different exemption than the federal exemption (check the specific state you are concerned about).
Estate taxes are based on the value of the assets of the deceased. Inheritance taxes are based on the value of the property a beneficiary inherits. Inheritance taxes can vary state to state and even between beneficiary classes within a state. For example, in Pennsylvania, the inheritance tax is 6% to direct descendants (children, grandchildren, etc.) and 15% to collateral beneficiaries (brothers, sisters, nieces, nephews, etc.). The tax rate is 0% for assets passed on to a spouse.
I believe California has phased out their inheritance tax and Nevada does not currently have an estate tax. Currently New Hampshire and Florida has no estate tax but Tennessee does.
If you are trying to decide what state to retire in, don't just check out income tax rates without checking out estate (inheritance) tax rates. Nevada, NH, Florida, and Tenneessee have no income tax (TN does tax some investment income), but TN does have an inheritance tax. California has no inheritance tax but a horrible income tax.
Remember, you planning has to be flexible. All it takes is an act of Congress or a state legislature to change the rules. What would seem to be a monumental task can occur quickly and almost effortlessly when a state or the federal government needs money.
Only 21 states and Washington DC have estate taxes currently. California and Nevada have none now. Washington has a two miillion dollar exemption, and Oregon a one million dollar exemption.
Even the much ballyhooed Federal Estate tax affects very few people. Dubbed the "death tax" by some conservatives, it has a $5 million dollar exemption per individual and $10 million dollar exemption per couple. 99.7% of estates pay no Federal Estate Tax at all, according to the Center on Budget and Policy Priorities.
That is true, very few people pay the Federal tax since it was substantially increased from 1 mill to 5.12 mill. In fact the Fed Gov't now spends more money in the administration of collecting the tax then they actually get in tax revenue.
by gassmant7 years ago
do i have to pay an inheritance tax on cd s of 102,000
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by tobey1007 years ago
Rep. Anthony Weiner (D-NY), pronounced wee-ner by the way, has publicly made the claim that the inheritance tax is fair because the individual leaving the inheritance is dead. Basically, what do they care? ...
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The Gish Gallup. Who knew?http://www.dailykos.com/story/2012/10/0 … ish-Gallop
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Based on the following map, why is Colorado, New Mexico and Nevada the blue oasis surrounded by a sea of red crimson. Would anyone care to speculate as to why these states are politically different from their...
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Here's the email they sent outDear Colorado-based Amazon Associate:We are writing from the Amazon Associates Program to inform you that the Colorado government recently enacted a law to impose sales tax regulations on...
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