There’s a lot of reasons for New Englanders to retire to Florida or New Hampshire.
From the Tax Foundation:
In addition to the federal estate tax of 40 percent (which is fourth highest in the OECD), many U.S. states levy their own estate and inheritance taxes. Estate taxes are charged against the estate regardless of who inherits the assets, while inheritance taxes are levied on the transfer of assets to heirs, based on the relationship of the inheritor to the deceased. In the case of inheritance taxes, spouses, children, or siblings often have different exemptions and experience different rates, which we list in detail in table 35 in the 2016 edition of Facts & Figures.
Currently, fourteen states and the District of Columbia impose an estate tax while six states have an inheritance tax. Maryland and New Jersey have both.
FLASHBACK VIDEO: David Logan on the Impact of the Estate Tax
Latest posts by E.J. Smith - Your Survival Guy (see all)
- The Threat of a Cashless Society - August 18, 2017
- Targeting the Rich with Taxes Tends to Hurt the Poor - August 17, 2017
- Dan Mitchell Commenting on the DC Budget Fight - August 16, 2017