As I have previously discussed, significant changes to state estate tax laws are coming in 2015 and beyond. States have begun to focus on directing efforts of demonstrating their state’s beneficial qualities at retirees. Since the 2005 repeal of the Federal estate tax credit for state estate tax paid, estate and inheritance taxes have become an increasing focus of choice of state to retire and die in. Of the 14 states with estate tax exemptions lower than the Federal exemption and seven states with an inheritance tax, Tennessee, Maryland, Minnesota, and New York will increase their state’s exemption amount in 2015.
See Sandra Block, State Are Lowering Their Estate Taxes to Lure Retirees, Kiplinger, Oct. 2014.
