We have covered this issue over the past several years and it’s interesting to see how it has changed. The old axiom about the two certainties in life are death & taxes remains true. A recent report from the Tax Foundation says in 2024, in addition to the federal estate tax, with a top rate of 40%, 12 states (plus D.C.) impose additional estate taxes, while six states levy inheritance taxes. Maryland is the only one that imposes both an estate and an inheritance tax. The interactive chart below takes a deeper look at the data and their report allows you to compare previous years.
“Estate and inheritance taxes are burdensome. They disincentivize investment and can drive high-net-worth individuals out of state. They also yield estate planning and tax avoidance strategies that are inefficient, not only for affected taxpayers but also for the economy at large.”
Click here to read the full report at the Tax Foundation.
