State Estate Taxes Uncertain Too

The federal estate tax isn’t the only estate tax that’s unresolved. State politicians have also been putting off decisions.

However, some of the state uncertainty is linked to the uncertainty surrounding the federal estate tax. For example, North Carolina’s estate tax will mirror the federal estate tax when it is resolved. Illinois is in a similar situation, except it may reinstate a tax retroactively for 2010 until Congress makes a decision.

For more information, including a map of which states currently have estate and inheritance taxes, see Ashlea Ebeling, The State Estate Grab, 2010 Edition, Forbes.com, June 9, 2010.

Special thanks to Jim Hillhouse (WealthCounsel) for bringing this to my attention.