The State of the States: 2019The State of the States: 2019
An update on key planning developments.
December 18, 2019
State legislatures have been very busy on several trust and estate related fronts. Here’s an update on some key planning developments across the country, through Nov. 30, 2019.
Estate and Gift Tax
When the Tax Cuts and Jobs Act (the Act), which was enacted in December 2017, doubled the federal estate, gift and generation-skipping transfer tax exemption amounts, this caught by surprise those states that had exemption amounts tied to the federal amount. Some states that didn’t intend to offer exemption amounts of this magnitude have still been parsing through the confusion that ensued. Here’s some of the latest state-level activity on the estate and gift tax front:
Connecticut. Connecticut had a $2 million gift and estate tax exemption amou...
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