The Government Grim Reaper Wants Your Money – States With Terrifying Death Tax Laws

Some people think the estate tax is simply a creature of the federal government. Wrong. There are numerous states – 16, along with Maryland and D.C., to be exact – that impose an estate tax. Even more surprising is that some states actually impose an estate tax on estates that are valued at less than one million dollars. At less than one million dollars, these state-enforced estate taxes will be a problem for many middle class families. If you’re frugal and have good savings practices, a middle class family has the ability to save and wind up with an estate close to one million dollars, or more. With proper planning these state estate taxes can be deferred, minimized and potentially eliminated. The taxing authorities look at all of your assets when determining the value of your estate with some surprising valuation methods. For example, many people believe that proceeds from...