It’s not uncommon to turn on the television and see an advertisement for a state that is enticing visitors to vacation or move there permanently. However, more and more states across the nation are also trying to advertise that they are a great place to die. In 2015, four states are increasing their state-level estate tax exemption, reducing or eliminating altogether the amount of state estate tax that heirs will have to pay.
States Lowering Estate Taxes
As of January 1 next year, Tennessee’s estate tax exemption will jump to $5 million from $2 million this year. In addition, Maryland’s raised its estate tax exemption level from $1 million this year to $1.5 million next year. Minnesota is increasing to $1.5 million from $1.2 million, and in April 2015, New York’s exemption level will rise from $2.062 million to $3.125 million.