Friday, 16 June 2017 00:00

Death Taxes are Evaporating

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(New York)

Something very curious is happening in the wealth management landscape that seems to be an extension of a change in societal perspective. That change is that death taxes are essentially evaporating. Nine states have recently lowered or eliminated their estate taxes, mostly by raising exemptions to high levels. Minnesota, Maryland, and New Jersey have substantially raised their exemption limits, as they and other states are competing for wealthy residents. Northern states are worried about residents leaving to Florida, which is driving them to lower estate taxes even as some raise income taxes.


FINSUM: These are major changes from an inheritance planning perspective. One wonders how much moving will actually go on because of inheritance taxes. The weather is certainly what is driving retirees south, but lower inheritance taxes could sweeten the deal.

 

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