Community | {} How Soon Will States Close Their Estate Tax Loopholes? - View topic

Updated Thursday, May 23, 2013 as of 1:50 PM ET

The implementation of the Economic Growth and Tax Relief Reconciliation Act of 2001 started the process of "decoupling" between the Federal estate tax and various states. As the years moved forward, many states retained a $1 million estate tax exemption amount, decoupling their exemption from the Federal amount that has ultimately risen to its current $5 million level. However, the reality is that a second decoupling just occurred in 2011, and as a result, a new state estate tax planning "loophole" has opened up, creating a planning opportunity for many clients, but only until the states close the loophole.

Read the Full Article

Post a reply

1 post • Page 1 of 1

How Soon Will States Close Their Estate Tax Loopholes?

by mpls345 » Wed May 02, 2012 2:09 pm

Is there a source that has compiled a current list of the 23 states with an estate tax, the 2 states with state gift tax, and the 7 states with gifts-in-contemplation-of-death rules? Is there a source that has compiled a list of pending legislation that might impact these rules in 2012?