Wealthy North Carolinians Benefitting from Estate Tax Repeal

As I have previously discussed, North Carolina recentlyrepealed their estate tax, which was made retroactive to January 1, 2013.  This has cheered up some wealthy families that have had a death in the family since the beginning of theyear.  One family is off the hook for$2.4 million and another for $680,000. However, some families that experienced a death in the family in 2012 and before arestill on the hook for their estate taxes.

The estate tax repeal was part of a tax reform package thatalso included dropping the income tax from 7.75% to 5.8% and below.  North Carolina’s government is hoping theseincentives will encourage residents to stay put and others to move in. 

See AshleaEbeling, Estate Tax Repeal in NorthCarolina Means Big Tax Savings for Some, Forbes, July 30, 2013.