Everyone is aware of a major tax law that went into effect this year. We’ve covered the details in past shows but, today, we put a highlight on the differences in state taxes when it comes to income, estate, property, and sales taxes. Lastly, we boil it all down and show which states are the worst once all taxes are taken into account. See how Charles and Beverly Williams deal with tax issues in “These States Will Tax You to Death” View the embedded file below or see PDF here.
Source: Financial Sense Wealth Management, Tax Foundation
The vast majority of retired individuals may not owe estate taxes at the federal level given the recent changes to the federal exemption under the recent Tax Cuts and Jobs Act, however, some states will still take a bite of your pie. When it comes to both estate and retirement planning, the state you choose to retire in should play a major factor in determining how much of a legacy you want to leave to your heirs. The chart above is part one of a study that Financial Sense Wealth Management is conducting which looks at the top marginal estate tax rates based on an individual’s taxable estate value.
Disclosures: This information is for general guidance only and not intended to be tax advice. For your particular tax needs and situation, please consult your tax advisor.
