December 14, 2018
Kleinberg Kaplan’s Bruce Steiner comments on changing estate tax laws in Forbes article “Where Not to Die in 2019.” Despite new federal estate tax breaks, 17 states and Washington D.C. have state inheritance or estate taxes with different tax rates, exclusions and exemptions. Taxation does not occur under certain amounts in the various states, however, the tax rate can skyrocket after the cutoff amounts. Steiner points out that in New York, a decedent leaving $5.74 million does not create any tax burden for inheritors, yet increasing the assets by even a dollar would result in a marginal tax rate of over 100%. To read more about estate tax changes, along with how high-net-worth individuals and tax planners are circumventing tax increases, click here.