Another State Repeals Its Inheritance Tax

Another State Repeals Its Inheritance Tax

 

Indiana Governor Mitch Daniels officially signed legislation to repeal the states inheritance tax. The relief is retroactive to January 1 and increases amounts exempt from the levy for 2012 deaths. Currently there are still 22 states plus the District of Columbia that impose estate and/or inheritance taxes for 2012. As more states start repealing these taxes, others might follow because they are competitive for people and the capital that comes with them. 

The Ohio governor signed a law last year to get rid of Ohio's estate tax starting on January 1, 2013. North Carolina is raising its exemption amount to keep up as well. In Oregon, a ballot initiative has been introduced to repeal Oregon's estate tax. Tennessee may be moving in the same direction as well. Nebraska governor proposed a repeal of the inheritance tax, but billionaire Warren Buffet opposed the initiative.

The legislation benefits Sarasota and Manatee County Florida residents who own property, at death, in the state of Indiana.

View more information from Marc J. Soss at http://www.fl-estateplanning.com/ and http://info.fl-estateplanning.com/

Marc Soss' practice focuses on estate and tax planning; probate and trust administration and litigation; guardianship law; and corporate law in Southwest Florida.  Marc is a frequent contributor to LISI and has published articles and been quoted in the Florida Bar, Rhode Island Bar, North Carolina Bar, Association of the United States Navy, Lawyers USA, Military.Com, Forbes.Com, and CNN Business. Marc also serves as an officer in the United States Naval Reserve.

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