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Which States Have Estate and Inheritance Taxes?

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“Death taxes,” the ominous name given to estate and inheritance taxes, create almost as much angst as the eventuality that triggers them.

The federal estate tax applies when a person’s assets exceed a certain amount — $5.49 million in 2017 — at the time of death. When Uncle Sam collects the estate tax, the U.S. Treasury gets 40% of any dollars above the current exclusion figure, which is typically adjusted each year for inflation and doubled for married couples.

But a handful of states also impose estate taxes at various income thresholds. A few others impose inheritance taxes, which are different from estate taxes in that they are paid by heirs rather than the deceased’s estate.

Estate taxes by state

For 2017, 14 states and the District...

Continue reading on www.nerdwallet.com

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