Where you die matters. While you’ll pay the same federal estate tax no matter where you die, 1/3 of the states have a separate estate or inheritance tax. The most populous state, California, is the latest state to consider adding a state estate tax. Read on to learn more. When and Where You Die Matters … [Read more...] about When and Where You Die Matters
Some people have a tendency to use the terms “estate tax” and “inheritance tax” interchangeably, but the two are actually very different things. Estate Tax “Estate Tax” refers to a federal or state tax that’s assessed on the estate of a deceased individual, provided that the value of the estate is more than a certain threshold. Not all states impose an estate tax. And, as for the federal estate tax, it’s been repealed for the year 2010, but it’s scheduled to make a comeback on January 1, … [Read more...] about Are Estate Tax and Inheritance Tax the Same Thing?