Death Tax

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Estate taxes, sometimes known as “death taxes”, are done both by the federal government as well as a small number of states. Estate taxes will become implemented when a person’s estate has exceeded a certain amount at their death. The federal estate tax rate is set to be at $11,700,000 for 2021.

Currently, Oregon and Massachusetts have the smallest estate amount needed to receive an estate tax. Rhode Island comes as a close second, while Washington state is third. For tax rates, Washington state has the highest rate for the smallest estate amount. Both Washington and Hawaii have the highest estate tax rate of 20%, but Hawaii’s highest rate starts at over 10 million, while Washington’s start at 9 million.

If you live in one of the states below, contact an attorney to learn how to minimize your estate.

Connecticut

  • Threshold is 5.1 million for 2020
  • Tax rate is progressive, capping at 12% for over 10.1 million

Hawaii

  • Threshold is $5,490,000
  • Tax rate is progressive, capping at 20% for over 10 million

Illinois

  • Threshold is 4 million
  • Tax rate is progressive, capping at 16% for over 10.04 million

Oregon

  • Threshold is 1 million
  • Tax rate is progressive, capping at 16% for over 9.5 million

Maine

  • Threshold is $5,800,000
  • Tax rate is progressive, capping at 12% for over 11.8 million

Maryland

Massachusetts

  • Threshold is 1 million
  • Tax rate is progressive, capping at 16% for over 10.04 million

Minnesota

  • Threshold is 3 million
  • Tax rate is progressive, capping at 16% for over 10.1 million

New York

Rhode Island

  • Threshold is $1,579,922
  • Tax rate is progressive, capping at 16% for 10.04 million

Vermont

Washington

Washington D.C.

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