End-of-life tax-ducking techniques can cut income taxes as well as federal estate and state estate and inheritance taxes.
FORBES: Deathbed Tax Dodges: Take These Steps Now To Save Later
This means that Wisconsin imposes a state estate tax up to the current federal credit for state death taxes.
Do you plan to take state estate taxes into account when deciding where to retire?
Forbes has an interactive map showing state estate and inheritance taxes for 2012 here.
FORBES: States Face $3 Billion Estate Tax Windfall If We Fall Off Fiscal Cliff
Click on the interactive map below showing state estate and inheritance taxes for 2013.
For a map showing state estate taxes and rates for 2011, click here.
You can leave any amount to a spouse free of federal and state estate taxes.
In the meantime, click on the interactive map above showing state estate and inheritance taxes for 2013.
Where Not To Die In 2012 for an interactive map on the current state of state estate and inheritance taxes.
What makes this extra tricky is that state estate and inheritance taxes have been in constant flux over the last decade.
Last year, Tennessee Gov. Bill Haslam signed into law legislation repealing the state gift tax and phasing out the state estate tax.
Without a state death tax credit, the formula used by many states was meaningless, so there was no actual state estate tax payable.
FORBES: IRS Announces Increase In Annual Exclusion For Gifts, Rest Remains a Mystery
Lately, the trend is towards eliminating state estate taxes, or at least lessening the tax bite by increasing the amount exempt from the tax.
On October 20, 2010, Citizens for Tax Justice (CTJ) published State-by-State Estate Tax Figures: Number of Deaths Resulting in Estate Tax Liability Continues to Drop (PDF).
Practically, that also means a return in state estate taxes.
FORBES: IRS Announces Increase In Annual Exclusion For Gifts, Rest Remains a Mystery
The biggest news came this week out of Ohio, where legislators in both the House and the Senate have voted to repeal the state estate tax as of Jan. 1, 2013.
Ashlea Ebeling, The State Estate Grab, 2010 Edition, Forbes.com, June 9, 2010 (providing an interactive map that shows the dollar amount exempted from taxes and the top tax rate in each state).
FORBES: Tax Foundation Report: How The Expiration Of EGTRRA Impacts State Estate Taxes
It currently has no state estate tax.
FORBES: For "Conforming States," State Death Taxes Will Rise When EGTRRA "Sunsets"
The elimination of the state estate tax is estimated to reduce GRF tax receipts by tens of millions of dollars, and to decrease receipts to township or municipality of estate origin by hundreds of millions of dollars annually in the aggregate statewide.
FORBES: Ohio House Of Representatives Passes Estate Tax Repeal
One was the state-owned German bank Hypo Real Estate and another was the state-controlled Greek ATEbank.
Until 2001 most states limited their estate tax to the "state death tax credit"--a part of the federal estate tax ceded to the states.
But for tax purposes the entire property will be included in the estate of the first to die, which could trigger state or even federal estate taxes on the whole property.
This is further proof of how volatile sand state real estate still is.
If you own out-of-state real estate, a living trust will help your heirs avoid going through probate in multiple states.
"It's been more noise than significant money, " said Collin Lau, former head of real estate at the giant state-run China Investment Corp.
Enacted in 2001, the Economic Growth and Tax Relief Reconciliation Act (EGTRRA) made significant changes to the federal estate tax credit for state death taxes.
FORBES: For "Conforming States," State Death Taxes Will Rise When EGTRRA "Sunsets"
Note: Most state real estate commissions mandate that agents renew their licenses somewhat regularly--so be ready to take more coursework, and perhaps another exam, within a year or two.
Hurdles include a slew of classes OK'd by the state real estate regulatory agency, as well as a second, more advanced test. (In some states, lawyers can bypass some of those requirements.) Tack on another couple of years for this step, at which point you'll be ready to head out on your own.
New York's Empire State Building, which has been derided by some in the real estate world as the "Empty State Building", has also had trouble filling out its offices.
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