Does Your State Collect an Inheritance Tax?by Liza Hanks
Most state residents do not need to worry about a state estate or inheritance tax. But some states do have these kinds of taxes, which are levied on people who either owned property in the state where they lived (estate tax) or who inherit property from someone who lived there (inheritance tax).
And sometimes you could end up paying inheritance tax to another state if you inherit from somone who lived in one of the few states that does have an inheritance tax.
Finally, there could also be a federal estate tax bill, but only if the deceased person left millions in assets.
Click on the state-specific article below to find out how inheritance and estate taxes are handled in your state.
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