Estate and Inheritance Taxes by US States

By pjain      Published Oct. 16, 2019, 5 a.m. in blog Fin-Plan-Strategy   

Taxes by Federal and Major States

X Iowa

  • Estate Tax Exemption Level: $5.5 M, For higher Tax Rates: 10% - 15.7%

  • Inheritance Tax: No

  • Gift Tax -

X

  • Estate Tax Exemption Level: $5.5 M, For higher Tax Rates: 10% - 15.7%

  • Inheritance Tax: No

  • Gift Tax -

X

  • Estate Tax Exemption Level: $5.5 M, For higher Tax Rates: 10% - 15.7%

  • Inheritance Tax: No

  • Gift Tax -

X

  • Estate Tax Exemption Level: $5.5 M, For higher Tax Rates: 10% - 15.7%

  • Inheritance Tax: No

  • Gift Tax -

X

  • Estate Tax Exemption Level: $5.5 M, For higher Tax Rates: 10% - 15.7%

  • Inheritance Tax: No

  • Gift Tax -

X

  • Estate Tax Exemption Level: $5.5 M, For higher Tax Rates: 10% - 15.7%

  • Inheritance Tax: No

  • Gift Tax -

X Iowa

  • Estate Tax Exemption Level: $5.5 M, For higher Tax Rates: 10% - 15.7%

  • Inheritance Tax: No

  • Gift Tax -

X Illinois

  • Overall Illinois is the least taxpayer-friendly state in the country, you shouldn't be startled to hear that it has an estate tax.

  • WARNING: Illinois has a SEVERE pension problem that is forcing all taxes likely to be far higher in coming years to pay hellish pensions for state employees. While residents are fleeing its corrupt and high tax economy, the burden for those left behind is likely to intensify far more. After all, the governments like IL, CA, NJ, etc. HAVE to pay these from general tax funds!.

  • Estate Tax Exemption Level: $4 M, For higher Tax Rates: 0.6% - 16%

  • Inheritance Tax: No

  • Gift Tax -

X Hawaii

  • Estate Tax Exemption Level: $5.5 M, For higher Tax Rates: 10% - 15.7%

    starting in 2020, the highest rate creeps up to 20% for estates worth more than $10 m

  • Inheritance Tax: No

  • Gift Tax -

X Connecticut

  • Estate Tax Exemption Level: $3.6 M, For higher Tax Rates: 7.2% - 12%

  • Inheritance Tax: No

  • Gift Tax - Connecticut is the only state with a gift tax on assets you give away while you're alive. If you made taxable gifts during the year, state law requires that you file a Connecticut gift tax return to identify such gifts. However, taxes (at rates ranging from 7.8% to 12%) are due only when the aggregate value of gifts made since 2005 exceeds $3.6 million.


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