In June of 2012, Life & Health Advisor featured Russell Towers’ article “Taxes After Sunset”. This article focuses on the Tax Relief Act of 2010, which provided a temporary $5,000,000 federal estate tax exemption for individuals until 12/31/2012. Often, clients disregarded the State Death Taxes in their planning. This article includes a summary of selected states that impose state death taxes and current corresponding state exemption amounts, in addition to a hypothetical case study of a $3,500,000 estate which includes a $1,500,000 IRA.
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