Comments on: Forget the Federal Estate Tax, You May Need to Worry About State Estate Taxes!

By: Richard

Richard — Thu, 19 Nov 2009 23:46:00 +0000

Hah, I wish I was subject to the Federal Tax A…that would mean while I would have to worry about that…I wouldn't have to worry about anything else

By: Evan@MyJourneytoMillions

Evan@MyJourneytoMillions — Wed, 11 Nov 2009 13:08:52 +0000

1) Cali isn't on the list because when the state/federal estate taxes got decoupled they basically said, don't worry about it we are willing to take whatever the Federal Gov't is willing to allow us to have vs. New York who said “Whoa, we make way too much money from the state estate tax – you ain't ripping it away from us, Bush” (that is how we New Yawkers Talk).

2) Because you chop off what the State Lets you distribute prior to tacking on the tax. So,
$2,000,000 Estate
-$1mil (Exemption amount)
= $1,000,000 Taxable Estate X 10%ish = $99,600

By: Financial Samurai

Financial Samurai — Tue, 10 Nov 2009 22:46:42 +0000

Ah, interesting.

Couple questions:

1) Where's California on the list?

2) Why is the bill $99,600 on $2mil inheritance if the effecitve NYC tax rate is 10%. Shouldn't it be $200,000?

I'm pumped you have all this info! I will be studying all your posts extensively over the weekend! Perhaps you'd like to do a guest post as well. whoo hoo!