Repeal of State Estate and Gift Tax Legislative Priority

Only 15 states currently have estate and gift taxes but that number will likely shrink as legislatures make it a priority to repeal or curtail the assessments. Critics of the taxes claim that it slows economic growth and many states agree as Indiana and Tennessee have accelerated repeals while Maryland and New York are increasing exemptions. Taxes will be a major factor in all estate planning so these changes should be carefully monitored going forward.

See Scott Drenkard & Richard Borean, Economic Growth Slowest in Estate Tax States, National Center for Policy Analysis, May 8, 2015.