2020 State Estate & Inheritance Taxes

An estate tax is a tax charged against the entire estate, regardless of who inherits the assets.  By contrast, an inheritance tax is only charged against the shares of certain beneficiaries who inherit an estate.  Note that Connecticut is the only state with a gift tax on assets that you give away during your life.  

Below is a chart showing the states that will collect a state estate and/or inheritance tax, along with the 2020 exemption and top state estate tax rate.  

STATE

Connecticut

District of Columbia

Hawaii

Illinois

Iowa

Kentucky

Maine

Maryland

Massachusetts

Minnesota

Nebraska

New Jersey

New York

Oregon

Pennsylvania

Rhode Island

Vermont

Washington

TYPE OF DEATH TAX

Estate Tax (also Gift Tax)

Estate Tax

Estate Tax

Estate Tax

Inheritance Tax

Inheritance Tax

Estate Tax

Estate Tax, Inheritance Tax

Estate Tax

Estate Tax

Inheritance Tax

Inheritance Tax

Estate Tax

Estate Tax

Inheritance Tax

Estate Tax

Estate Tax

Estate Tax

EXEMPTION

$5,100,000

$5,681,760

$5,490,000

$4,000,000

$5,800,000

$5,000,000

$1,000,000

$3,000,000

$5,850,000

$1,000,000

$1,579,922

$4,250,000

$2,193,000

TOP TAX RATE

12%

16%

20%

16%

15%

16%

12%

16%

10%

16%

16%

18%

16%

16%

16%

15%

16%

20%

The information contained on this website is provided for informational purposes only and should not be construed as legal advice on any subject matter.  If you wish to discuss the topics addressed on this website, or other estate planning issues, please contact Lara Sass & Associates, PLLC.
©2020 by Lara Sass & Associates, PLLC.
Attorney Advertising.