The State of the States: 2014The State of the States: 2014

State legislatures have been very busy on a number of trust-and-estate-related fronts. 

Here’s an update on some key planning developments across the country, through Dec. 15, 2014.

Estate and Gift Tax 

To be more competitive, some jurisdictions with separate estate taxes have been increasing their exemption amounts or even phasing out their estate or inheritance taxes altogether. Here’s the latest activity:

District of Columbia. Following recommendations issued by the D.C. Tax Revision Commission in February 2014, this jurisdiction’s fiscal year 2015 budget includes a variety of tax changes. Several of the recommendations will be partially or fully implemented in fiscal year 2015. The remainder will be “triggered” in future years, only if ...