State Estate Taxes

Presented by John Schraut

Don’t overlook the other estate taxes: State Estate Taxes

When working with our wealthier clients and talking about estate planning, we all talk about the federal estate tax or sometimes known as “death taxes”. The term “death tax” usually means estate or inheritance tax, or rarely, generation skipping tax.

Death taxes may be due:

• Even when no federal tax is due
• To a jurisdiction other than the place of residence
• In more than one form, causing double taxation
• On generation-skipping transfers
• From heirs personally

When planning for a client’s liquidity needs at time of death, don’t overlook the impact of state estate taxes.

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