[{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/www.amorusolaw.com\/blog\/state-estate-taxes-are-lurking-in-the-shadows-white-plains-ny-greenwich-ct\/#BlogPosting","mainEntityOfPage":"https:\/\/www.amorusolaw.com\/blog\/state-estate-taxes-are-lurking-in-the-shadows-white-plains-ny-greenwich-ct\/","headline":"State Estate Taxes Are Lurking In The Shadows","name":"State Estate Taxes Are Lurking In The Shadows","description":"There are steps that residents of states with steep estate taxes can take\u2013short of moving\u2013to help minimize such bills or avoid them altogether. Although the Federal government may cast a big shadow in terms of estate taxes, don’t forget those state laws lurking in the shadows. If you are building your estate plan, be sure […]","datePublished":"2013-11-15","dateModified":"2023-08-12","author":{"@type":"Person","@id":"https:\/\/www.amorusolaw.com\/blog\/author\/amorusolaw\/#Person","name":"Amoruso & Amoruso LLP","url":"https:\/\/www.amorusolaw.com\/blog\/author\/amorusolaw\/","identifier":5,"image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/12de032c04195e9c39a06a6d6eea182f7b4fa655c20e245f8094a244b5cdd0cb?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/12de032c04195e9c39a06a6d6eea182f7b4fa655c20e245f8094a244b5cdd0cb?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Amoruso & Amoruso LLP","logo":{"@type":"ImageObject","@id":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/07\/amoruso-logo.svg","url":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/07\/amoruso-logo.svg","width":0,"height":0}},"image":{"@type":"ImageObject","@id":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/04\/6a01901dd0a082970b019b03896f89.jpg","url":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/04\/6a01901dd0a082970b019b03896f89.jpg","height":750,"width":1050},"url":"https:\/\/www.amorusolaw.com\/blog\/state-estate-taxes-are-lurking-in-the-shadows-white-plains-ny-greenwich-ct\/","about":["Estate Planning","Gift Tax"],"wordCount":268,"keywords":["Estate Planning","Estate Tax","Gift Tax","Inheritance Tax"],"articleBody":"There are steps that residents of states with steep estate taxes can take\u2013short of moving\u2013to help minimize such bills or avoid them altogether.Although the Federal government may cast a big shadow in terms of estate taxes, don’t forget those state laws lurking in the shadows. If you are building your estate plan, be sure to find out which state estate taxes apply to you.MarketWatch recently provided some advice in an article titled \u201cProtecting your estate in a high-tax state.\u201dIronically, the estate tax scare at the federal level is less of a concern at present. The IRS has issued the estate and gift tax exemptions for 2014 and the new unified exemption\/credit will be pegged at a cool $5.34 million. Unfortunately, the states did not get the same memo.The states are still different and vary considerably. Certain states have their own forms of gift tax, estate tax, inheritance tax, and so on. There are even more subtle taxes such as those on real property.Even if you live in one state, you might just be affected by the laws of another state if you own the wrong kind of property or conduct business there. Where you choose to retire could also upset your estate tax planning apple cart. In addition, you may be inheriting from family members who are residents in a tax-happy jurisdiction.Consequently, it is important to follow the Boy Scout motto and always \u201cBe Prepared.\u2019Reference: MarketWatch (October 28, 2013) \u201cProtecting your estate in a high-tax state\u201dFor more information on asset preservation and estate planning, please visit my estate planning website."},{"@context":"https:\/\/schema.org\/","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"Blog","item":"https:\/\/www.amorusolaw.com\/blog\/#breadcrumbitem"},{"@type":"ListItem","position":2,"name":"State Estate Taxes Are Lurking In The Shadows","item":"https:\/\/www.amorusolaw.com\/blog\/state-estate-taxes-are-lurking-in-the-shadows-white-plains-ny-greenwich-ct\/#breadcrumbitem"}]}]