Ó£»¨ÊÓƵ

Estate Tax is in addition to Inheritance Tax. It is based upon the size of the decedent’s gross estate and according to the decedent’s date of death.

The Ó£»¨ÊÓƵ Estate Tax is scheduled to be phased out in two parts. If the resident decedent died:

• On December 31, 2016, or before, the Estate Tax exemption was capped at $675,000;
• On or after January 1, 2017, but before January 1, 2018 , the Estate Tax exemption was $2 million;
• On or after January 1, 2018, no Estate Tax will be imposed.

Note: The estate only pays the amount of Estate Tax which is over and above the amount of any Inheritance Tax due.

Note: No Estate Tax is due if the decedent was not a resident of Ó£»¨ÊÓƵ.

Estate Tax applies if the resident decedent’s gross taxable estate, plus adjusted taxable gifts, exceeds $675,000 as determined in accordance with the provisions of the Internal Revenue Code in effect on December 31, 2001.

Estate Tax applies if the resident decedent’s taxable estate exceeds $2 million, (worksheet as determined in accordance with the provisions of the Internal Revenue Code in effect on January 1, 2017.

No Ó£»¨ÊÓƵ Estate Tax will be imposed on the estates of resident decedents who die on or after January 1, 2018. No Estate Tax return will be required. Note: Ó£»¨ÊÓƵ Inheritance Tax may still apply. See Inheritance Tax Filing Requirements.