The State of the States: 2015The State of the States: 2015

State legislatures have been very busy on a number of trusts and estates-related fronts. 

Here’s an update on some key planning developments across the country, through Dec. 1, 2015.

Estate and Gift Tax 

To be more competitive, some jurisdictions with separate estate taxes have been increasing the amount that’s exempt from that jurisdiction’s estate taxes or even phasing out their estate or inheritance taxes. Here’s the latest activity:

Connecticut. This state has a $2 million estate tax exemption amount. It enacted legislation¹ in 2015 that provides for a $20 million estate and gift tax cap. The estate tax cap applies to both resident and nonresident individuals dying after Jan. 1, 2016, and the gift tax cap applies to gifts made on or aft...