The Wall Street Journal spoke with Beth Shapiro Kaufman concerning states with the highest estate and inheritance taxes. For example, Connecticut has both estate and gift taxes, taxing assets above $2 million per individual at rates as high as 12%. These taxes are prompting some individuals to move to states that have repealed their state death taxes. For more on the story, please visit The Wall Street Journal's website (subscription required).
Excerpt taken from the article.
"State death taxes are considerably more important than they used to be, and we spend a lot of time planning for them," says Beth Kaufman, an estate-tax lawyer at Caplin & Drysdale in Washington, in part because of changes in the federal tax laws.