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States Have Estate Taxes Too, Elder Law Attorney, Woodstock, GA


While many people worry about the federal estate tax, state estate taxes often effect far more families and individuals. Fortunately, some states are starting to decrease the impact of their estate taxes.

The federal estate tax is a big issue in every federal election cycle. People disagree greatly over what the estate tax exemption limit should be, what the estate tax rate should be and whether there should even be an estate tax at all.

Quite often accusations of class warfare are thrown around by candidates and their supporters. However, as the current federal estate tax exemption is $5 million (adjusted to $5.34 million for inflation in 2014) the reality is that it effects a very small percentage of American families.

Many states have estate tax exemptions far lower than the federal exemption. As a consequence, these state taxes effect more people.

Until 2005, a federal credit was given for any state estate tax paid, but that is no longer the case. That means that some families are paying estate taxes to both the federal and state governments on the same money.

A recent article in Kiplinger,titled States Are Lowering Their Estate Taxes to Lure Retirees,” reports that four states will lower their estate taxes in 2015 in an effort to bring wealthy families into their states.

When planning your estate it is important to remember the consequences of any estate taxes in your state. This is particularly key if you move to another state for retirement.

Do your homework and consult an experienced estate planning attorney in the new state to discuss any state estate taxes and get a fresh review of your estate planning documents while you are at it.

Reference: Kiplinger (October 31, 2014) States Are Lowering Their Estate Taxes to Lure Retirees

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“On the threshold of retirement, we finally decided to quit thinking we could self-prepare the requisite documents. We had previously had only a very simple will. We needed the necessary legal (including updated will) & health care docs but didn’t want to deal with the time & complication of legalese. Cindy made the process relatively painless. She took the time to explain and answer questions without trying to upsell services. We were done in 2 meetings plus the reading of emailed drafts. In addition to preparing the documents, Nelson Eldercare will be there when our adult children need advice on executing the plans we’ve put in place.So glad it’s behind us and would recommend Cindy and her helpful staff.”

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The very best elder law attorney and staff anyone could ever ask for! I have referred a number of clients to Cindy and she never disappoints. She is kind, caring, and extremely thorough in making sure everything is completed as it should be. I highly recommend Cindy for anyone needing lawyer services; she truly goes above and beyond for every client she helps and has had a huge impact in so many peoples’ lives. Thank you, Cindy and staff, for everything that you do- I’m so glad to know you!

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I heard Cindy’s presentation at a Senior Luncheon at my church, and was very impressed. She helped my daughter and me understand many aspects of elder law. Josh has also been very helpful in my planning to enter an independent living situation . I have told many friends about them.

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