2b413f1c0667411ba4a615ac7dc81e12, rid: 7, sn: neurope-prod-entertainment, dt: 2018-02-08T21:40:49. MSN Money is the hub for your financial life. Be informed and ahead with our everything about stock market pdf-time stock quotes, deep tools and calculators, and breaking news and analysis.
CHICAGO, IL – DECEMBER 27: A pedestrian crosses the street on December 27, 2017 in Chicago, Illinois. Frigid temperatures will be dipping into the single digits in the midwest over the next few days. Steve Wynn was the face of his casino and hotel empire for decades, appearing in ads with the likes of Frank Sinatra and Dean Martin. Federal estate taxes are no longer a problem for all but the extremely wealthy. 49 million in assets is exempt from federal estate taxes—double that for a married couple. 5 million or less in several states, could take a big bite out of your legacy. Your home and retirement accounts will be counted when your estate is valued for tax purposes, and proceeds from your life insurance could be counted, too, depending on how the policy is owned and who gets the money.
Fourteen states and the District of Columbia impose an estate tax, and six states impose an inheritance tax, which can force certain heirs to give up a portion of their inheritance. The good news is that a growing number of states are increasing their estate tax exemptions in an effort to dissuade well-off retirees from moving to more tax-friendly jurisdictions. New Jersey and Delaware are going even further, eliminating estate taxes altogether at the end of 2017. And if the federal estate tax is repealed as part of tax reform, state estate taxes could fall by the wayside, too, tax experts say.
Most states rely on the federal government to audit estate tax returns and enforce the tax. But that’s still in flux. Where would the taxman take the most of your estate today? Amazon packages in Golden, Colorado, August 27, 2014.