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​​​​© 2019 by Lara Sass & Associates, PLLC 

 

The information contained on this website is provided for informational purposes only and should not be construed as legal advice on any subject matter.  If you wish to discuss the topics addressed on this website, or other estate planning issues, please contact Lara Sass & Associates, PLLC.

IF YOU WOULD LIKE US TO CONTACT YOU, PLEASE PROVIDE YOUR INFORMATION  BELOW.  Thank you.

CONTACT US * info@laramsass.com * (212) 971-9770

2019 State Estate & Inheritance Taxes

 

Below is a chart showing the states that will collect a state estate and/or inheritance tax, along with the 2019 exemption and top state estate tax rate.  

 

An estate tax is a tax charged against the entire estate, regardless of who inherits the assets.  By contrast, an inheritance tax is only charged against the shares of certain beneficiaries who inherit an estate.  Note that Connecticut is the only state with a gift tax on assets that you give away during your life.  Connecticut state law requires that gift tax returns be filed annually disclosing such gifts; however, gift tax is not due (rates range from 7.2% to 12%) until the aggregate value of gifts made to any individual since 2005 exceeds $2 million.

 

STATE                                  TYPE OF DEATH TAX               EXEMPTION        TOP TAX RATE

Connecticut                         Estate Tax (also Gift Tax)          $3,600,000          12%

District of Columbia           Estate Tax                                   $5,600,000          16%

Hawaii                                  Estate Tax                                   $5,490,000          16%

Illinois                                   Estate Tax                                   $4,000,000          16%

Iowa                                      Inheritance Tax                                                       15%

Kentucky                              Inheritance Tax                                                       16%

Maine                                    Estate Tax                                  $5,600,000          12%

Maryland                              Estate Tax,                                 $5,000,000,         16%, 

                                               Inheritance Tax                                                      10%

Massachusetts                    Estate Tax                                  $1,000,000          16%

Minnesota                           Estate Tax                                  $2,700,000          16%

Nebraska                             Inheritance Tax                                                       18%

New Jersey                          Inheritance Tax                                                       16%

New York                             Estate Tax                                   $5,740,000         16%      

Oregon                                 Estate Tax                                   $1,000,000         16%

Pennsylvania                      Inheritance Tax                                                       15%

Rhode Island                      Estate Tax                                   $1,561,719          16%

Vermont                              Estate Tax                                   $2,750,000          16%

Washington                        Estate Tax                                   $2,193,000           20%