Tax planning for high-net-worth clients may need to go beyond federal taxes. Some states have steep income or estate taxes or both.
California has raised income tax rates to as high 13.3% on all types of income, including dividends and capital gains; on the other coast, New York currently has a $1 million estate tax exemption, far below the $5.34 million federal threshold, so that state bite could be especially painful at the death of an HNW resident.
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