An inheritance tax is a tax that is imposed on transfers to each individual nonexempt inheritor. As a result, multiple impositions of the tax could potentially be applied when one estate is being administered. When you think about taxation, you have different levels. On the federal level, there is no inheritance tax at all, but there are a handful of states in the union that impose state-level inheritance taxes. We have offices in North Carolina and Kentucky. Fortunately, there is no inheritance tax in the state of North Carolina. However, as luck would have it, Kentucky is one of the six states in the union with a state-level inheritance tax. The other five states are New Jersey, Maryland, Nebraska, Pennsylvania, and Iowa.
Topics covered in this report include:
- Inheritance Tax
- Estate Taxes
Click here to read the whole article or download the PDF.
John’s practice focuses on the use of Wills and Living Trusts in Estate Planning to help individuals protect their families and preserve their legacies after their deaths, but his practice also focuses on the critical issues of protecting individuals with dementia or other diminished capacity, assisting individuals in qualifying for Medicaid and other government benefits to offset the costs of long-term care, and providing special needs planning.
John is admitted to practice law in North Carolina, South Carolina, Kentucky, and Ohio, and he is accredited by the Department of Veterans Affairs.
- What You Need to Know about the Medicaid Look-Back Rule - January 3, 2023
- How to Pass Down Your Legacy in Your Estate Plan - October 3, 2022
- Practical Steps to Take after Receiving a Terminal Diagnosis - September 30, 2022
