Similar situation here in Washington -- without any inflation adjustment.In Massachusetts, an estate worth more than $2M is taxed. Only a couple years ago, it used to be above $1M and then it was back to the first dollar. Not sure where you see a mistake there.
Unless I misunderstood your post, I think you’re mistaken.Maybe you thought I meant federal estate tax. I didn't. Just the PRM estate taxes. It's yet another tax our heirs will have to pay. Yes, I know, our estate pays it but it's still taken out of our sons' inheritance. And of course, inheriting a tIRA means they have to pay ordinary federal and state income taxes on that as it's cashed out.
It’s still a high state estate tax, but not quite as bad.
Some people may have heirs in a state with an Inheritance Tax which would be yet another hit in value. Taking the taxes out in advance would make an even bigger difference for them.
Statistics: Posted by GAAP — Tue Dec 10, 2024 10:24 am
